Apartment Rental Prices Are Rising Quickly
- 6 years ago
Apartment Rental Prices Are
Rising Quickly Thanks to sharp increases in both
prices and mortgage rates, buying a home is getting more and more expensive. This is leading to more demand for apartment rentals and, in turn, pushing rents higher. Apartment demand is being strengthened by an improving economy, as well as a shortage of affordable homes for sale. According to real estate analytics firm RealPage, rents in the third quarter of 2018 are up 2.9 percent compared with a year ago. This is also up from
2.5 percent annual growth in the second quarter of this year. The report comes after rent growth had been slowing for the past three years, thanks to a big increase in supply of new rental units.
Rising Quickly Thanks to sharp increases in both
prices and mortgage rates, buying a home is getting more and more expensive. This is leading to more demand for apartment rentals and, in turn, pushing rents higher. Apartment demand is being strengthened by an improving economy, as well as a shortage of affordable homes for sale. According to real estate analytics firm RealPage, rents in the third quarter of 2018 are up 2.9 percent compared with a year ago. This is also up from
2.5 percent annual growth in the second quarter of this year. The report comes after rent growth had been slowing for the past three years, thanks to a big increase in supply of new rental units.