Let’s look at where rent prices stand today. Over the course of the pandemic, rents have risen 25 percent, or more than $400, since 2019. Over two years, the cost of renting has increased by 14 percent, representing annualized growth of nearly 7 percent and adding almost $250 to monthly rent bills. But rents continue to be elevated in the longer term. Prices even dipped negative year over year in May. Should rents continue to rise at the average rate since February, the national price would surpass last August’s record next month by nearly $5, setting another historical high.īroad trends across the industry including an influx of new inventory and demand below seasonal norms have worked to slow rent growth to below-normal rates. Since February 2023, when rents bottomed out at $1,936, prices are up nearly 5 percent. The national median rent price is now $2,038, only $15 less than levels from August 2022 when prices peaked at $2,053. Including April’s -0.24 percent decrease, the only other sub-1-percent increase, monthly changes have averaged just over 1 percent since February’s low. Specifically, the 0.41 percent increase was just the second monthly increase below 1 percent in the last five months. The increase is less than June’s 0.50 percent bump - and less than the 0.40 percent average yearly growth rate since February 2023 when prices began to climb after steady declines following last summer’s peak.įrom June to July, rents rose by less than 0.50 percent. Rent prices continued to climb in July, growing 0.31 percent year over year.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |