Apartment rents climbed in 88 percent of the 250 largest U.S. cities,
with the national average rent reaching an all-time high in July, RentCafe reports. Seasonal demand and a rise in rental activity has offset a wave of new apartments that have opened up this year, the national rental listing service notes.
July, up 2.8 percent year over year.
The largest apartment rental increases were in Orlando (7.7 percent year over year); Las Vegas (6.4 percent); and Phoenix (6.2 percent). On the other hand, the slowest growing rents were in San Antonio, Texas (1.6 percent); Manhattan (1.7 percent); and Washington, D.C. (2 percent).
“The apartment industry has experience significant supply growth nationwide in cities with substantial job growth, expanding public transport and changing land use policies,” says Doug Ressler, director of business intelligence at Yardi Matrix.
“Demand is split between affordable apartments and luxury class apartments, with an increasing need for workforce housing.”
Tried of renting? The recent cooling of home price gains and slight reprieve in rising interest rates have combined to stabilize affordability in recent months. Now is the Time to Buy, When you’re working with real estate professional Carriene Porter of Precision Realty & Associates, you’re guaranteed to get the expertise and advice you need to Buy your Dream home.
#RealEstateForSale #Homeownership #UtahRealEstate #Rental
July, up 2.8 percent year over year.
- The national average rent reached an all-time high of $1,409 in July 2018, up by 2.8 percent ($39) year over year, and by 0.2 percent ($3) month over month, according to Yardi Matrix data.
- Rents increased in 88 percent of the nation’s biggest 252 cities in July (including newly added Queens, NY and Honolulu, HI), stayed flat in 11 percent of cities, and ped in only 2 cities (Brownsville, TX and Norman, OK) compared to July 2017.
- The Permian Basin, Florida, and Maricopa County are home to the biggest ups and downs in July.
The largest apartment rental increases were in Orlando (7.7 percent year over year); Las Vegas (6.4 percent); and Phoenix (6.2 percent). On the other hand, the slowest growing rents were in San Antonio, Texas (1.6 percent); Manhattan (1.7 percent); and Washington, D.C. (2 percent).
“The apartment industry has experience significant supply growth nationwide in cities with substantial job growth, expanding public transport and changing land use policies,” says Doug Ressler, director of business intelligence at Yardi Matrix.
“Demand is split between affordable apartments and luxury class apartments, with an increasing need for workforce housing.”
Tried of renting? The recent cooling of home price gains and slight reprieve in rising interest rates have combined to stabilize affordability in recent months. Now is the Time to Buy, When you’re working with real estate professional Carriene Porter of Precision Realty & Associates, you’re guaranteed to get the expertise and advice you need to Buy your Dream home. #RealEstateForSale #Homeownership #UtahRealEstate #Rental
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