U.S. Rents Rise Most On Record

After taking a hit in 2020, U.S. rents are rising most on record according to both housing data providers and the largest institutional holders of single-family rental properties.

Housing Data Providers Warn That U.S. Rents Rise Most On Record

Since a few months, one of the key developments in the U.S. housing market has been the rebound of rent prices. Several indexes pointed to a sharp increase. According to Apartment List, the median national rent climbed 11.4% in the first seven months of 2021. On a YoY basis, the median national rent rose 10.3% in July (the largest increase since the firm tracked data). Even if some part of the increase reflects a bounce-back in prices that fell earlier in the pandemic, the real-estate firm highlights that rents are now far higher than if they had stayed on their pre-Covid trend.

The same pattern has been observed with other indexes. As a matter of fact, “Typical U.S. rents grew 9.2% year-over-year in July, according to the Zillow Observed Rent Index (ZORI) — the fastest recorded by Zillow records in data that reaches back through 2015 — to $1,843/month.

Meanwhile, according to industry consultant RealPage Inc., rents on newly signed leases soared 14.6% YoY in June, the most on record.

1 2
View single page >> |

Disclaimer: Mr. Christophe Barraud could not be held responsible for the investment decisions or possible capital losses of users. Mr. Christophe Barraud endeavors to provide the most accurate ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.