Despite Renter Population Decrease, Prices Jumped 2.4%
For the first time since 2004, the renter population decreased, according to the Annual Rent Report from ABODO, an
apartment listing service. Still, renters continue to outpace owners, according to the report.
There are about 43 million renters in the U.S., which is more than a third of U.S. households, according to a report from Harvard University’s Joint Center for Housing Studies.
With the recent JHCS report predicting that the past decade of rapid growth in renting households might be coming to an end, we might be on the cusp of an new rental landscape.
In 2017, we saw about eight months of slow declines in rent prices, followed by four months of increases that more than made up for the early year rents. What does 2018 have in store?
Despite the decrease in renters in 2017, landlords continue to raise rent prices. The national median rent for a one-bedroom rose 2.4 percent in 2017 to $1,040. Rents for two-bedroom apartments rose 3 percent from January to December 2017 to $1,252.
Rent prices varied by region. Rents rose in 28 states last year as well as the District of Columbia; rents ped in 21 states. South Dakota saw rental costs stay the same in 2017.
For the first time since 2004, the renter population decreased, according to the Annual Rent Report from ABODO, an
There are about 43 million renters in the U.S., which is more than a third of U.S. households, according to a report from Harvard University’s Joint Center for Housing Studies.
With the recent JHCS report predicting that the past decade of rapid growth in renting households might be coming to an end, we might be on the cusp of an new rental landscape.
Despite the decrease in renters in 2017, landlords continue to raise rent prices. The national median rent for a one-bedroom rose 2.4 percent in 2017 to $1,040. Rents for two-bedroom apartments rose 3 percent from January to December 2017 to $1,252.
Rent prices varied by region. Rents rose in 28 states last year as well as the District of Columbia; rents ped in 21 states. South Dakota saw rental costs stay the same in 2017.
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