by calculated risk May 7, 2024 11:58:00 AM
In today’s real estate newsletter: Asking rent is almost unchanged from the previous year
A brief excerpt:
Tracking rents is important to understanding housing market trends. For example, the sharp rise in rents helped us infer a sharp increase in household formation in 2021 (see September 2021 information: Household formation drives housing demand). Currently, rents are under pressure as household formation slows and multifamily completions increase.
From ApartmentList.com: Apartment List National Rent Report
Rent increased by 0.5% from the previous month and decreased by 0.8% from the same month last year.
Rent increases follow a seasonal pattern. Rent increases usually occur in the spring and summer, while prices usually decrease slightly in the fall and winter. We are now moving into the busy season, and the national median rent has increased for three consecutive months after declining for six consecutive months from August 2023 to January 2024. However, the pace of that positive rent growth slowed slightly this month, causing rents to rise. After rising 0.6% in March, it rose 0.5% month-on-month in April.
There’s a lot more to this article.
