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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsApartment rents climbing, and poised to go higher
Its a great time to be a landlord in America, not so much if youre a renter.
Apartment rents are continuing to rise this year, fueled by higher demand from millennials looking for a place of their own, strong job growth and rising wages.
The U.S. median rent climbed 3.4% in March from a year earlier to $1,535, according to data from online rental housing portal HotPads.
While apartment construction surged in the years after the housing bust, it hasnt kept up with demand, giving landlords the upper hand.
Years of rising home prices, meanwhile, have made it more difficult for many would-be homebuyers to save up for a down payment.
Even though mortgage rates are sliding a little bit and are lower than the historical average, you still have a huge amount of people who are not able to afford homes right now, said Joshua Clark, an economist at HotPads. Thats keeping people renting and thats going to keep people competing against each other for the same units.
The national median rent has risen annually since at least December 2012, the earliest data available from HotPads.
https://apnews.com/17b7ba005a3048c4a5e3517353ff8c32
uponit7771
(90,335 posts)... in NY and CA !?
KT2000
(20,576 posts)increase on her rental house. This is why Walmart has people living in their cars in the parking lot.
smirkymonkey
(63,221 posts)My landlord is selling my Boston studio and I am looking for a new place starting June 1st. For studios in the city I am looking at a minimum of about $2200. I have a deal right now, but this is going to break me. I could move further out, but transportation will kill me (commuter rail). To live within city limits is ridiculous unless I want to live in a complete shithole, which I don't. I have worked to long and too hard to live in a dump.
When I lived in Boston after college, I wasn't making a lot of money, but I could afford a nice one bedroom apartment on Beacon Hill. I am now doing much better and I can barely afford a studio anywhere in the city.