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2018-05-09 06:41:22
Rents Inch Back Up

After Brief Slowdown, Just when the signs were pointing to a slowing rental market, landlords are finding that demand is warranting higher prices. Rents are posting the highest annual growth rates since the end of 2016, according to a new analysis of 250 of the largest U.S. cities by RentCafe, a nationwide listing service for the apartment sector.

Rents are up 3.2 percent year over year, and the national average rent was $1,377 in April. 

Rental costs rose in 84 percent of the nation’s 250 largest cities in April, and ped in only 2 percent of cities compared to a year ago. 

The 20 fastest growing rents are in small cities. Five cities posted double-digit annual growth in April for rental prices: Odessa, Texas (35.6%); Midland, Texas (32.6%); Yonkers, N.Y. (11.5%); Reno, Nev. (10.8%); and Hollywood, Fla. (10.6%). 

On the other end, the cities seeing the slowest year-over-year rent changes in April were: Norman, Okla. (-2.5%); Lubbock, Texas (-2.5%); New Orleans (-2.2%); Brownsville, Texas (-1.7%); and Hillsboro, Ore. (-1.6%). Some bigger cities are seeing rents decline or stagnate, such as in New York; Baltimore; Washington, D.C.; Portland, Ore.; and Austin, Texas. 

April Rents Rev Up for the Rental Season with Highest Annual Increase in 16 Months

Key takeaways:

  • The national average rent was $1,377 in April 2018, having increased by 3.2 percent year over year, and by 0.3 percent ($4) month over month, according to data from Yardi Matrix.
  • Rents increased in 84 percent of the nation’s biggest 250 cities in April, were unchanged in 14 percent of cities, and ped in 2 percent of cities compared to April 2017. 
  • The top 20 fastest growing rents in the country are in small cities, including Reno, NV, Boise, ID, and Orlando, FL. 
  • Among the largest U.S. cities, Las Vegas, Denver, and Detroit had the fastest rising prices in April, while rents in New York, Baltimore, and DC stopped rising. 

“Housing supply, rent stabilization, and affordable rents are of critical interest nationwide,” says Doug Ressler, director of business intelligence at Yardi Matrix. “Continued rent activity is expected specifically in 22 states and the District of Columbia, which have built too little housing to keep up with economic growth in the 15 years since 2000, and have resulted in a total shortage of 7.3 million units (based on research by Up for Growth National Coalition).

A key driver in the changing rental markets will be the individual or families’ cost of living and the percentage required for housing.” 

Are you Ready to Stop Renting and invest in your future! We have a wealth of information to help you get started visit Precision Realty & Assoc. LLC or if you prefer a more personal touch, reach out to a us, CALL 801-809-9866 today

 #RealEstateForSale #Homeownership  #UtahRealEstate #Rents #Rentals


Source: RentCafe Blog (May 3, 2018)

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