The latest data from RealPage indicated a 0.59% decline in prices in November, which is the third-largest monthly decline since 2010 behind April 2020 and May 2020, when the coronavirus pandemic was at its peak.

Jay Parsons, VP, Head of Economics & Industry for RealPage insists that this decline is more than just a sign of seasonality, even though prices are expected to drop at this time of year. “Inflation and economic uncertainty are having a freezing effect on major housing decisions. When people are uncertain, human nature is to go into ‘wait and see’ mode,” Parsons commented.

Other revelations include a decline in occupancy levels to 95.1% compared to the 95.6% experienced in 2019. This inability to meet pre-pandemic levels is largely attributed to weak new leasing demand.

Should such trends continue, Parsons explained, the U.S. housing market would remain on track to end 2022 with its weakest net apartment demand since 2009.

The post Rent Prices Fall for Third Straight Month appeared first on theprimarymarket.com.

Speaking with Yahoo Finance, Alan Detmeister, senior economist and executive director at UBS, said that there is no “quick relief” in sight when it comes to high rent prices. However, Detmeister sees reasons for optimism some next year.

“No quick relief in rent increases,” said Detmeister. “Probably not getting too much worse after the early next year [or] probably peaking early next year but then a long slow, downward pace on rent increases and still staying high through at least the end of 2024.”

The post-pandemic home price hikes have caused people to stay longer in rental markets rather than transitioning to home ownership. This caused a higher demand and lower supply, driving the rent prices to historic levels.

The latest Zumper National Rent Report shows that the median one-bedroom rent is now $1,450, marking an all-time high. This is a 2% increase compared to last month and represents an 11.3% year-over-year jump. Major cities in Tennessee and North Carolina are leading the way when it comes to the pace of rent price increases, while Texas and Arizona are the states associated with rent affordability.

The post Renters Shouldn’t Expect “Quick Relief” in Rent Increases appeared first on theprimarymarket.com.

According to the Monthly Rental Report by Realtor.com, the median monthly rent in May was $1,849. This represents a 15.5 percent increase from 2021 and more than a 25 percent increase compared to the same period in 2019. Realtor.com’s data show that this is the 15th consecutive month of a new record rent.

Of course, some parts of the country have had it a lot worse than others. Renters in Miami had it the worst, as the rent increased 40.8 percent on average. Orlando and Phoenix metropolitan areas followed with 25.8 percent and 17.8 percent hikes, respectively.

The trend of hiking rents isn’t expected to slow down anytime soon. If the growth continues to follow the May pace, renters could face median monthly rent of $2,000 in late 2022. However, under the most optimistic projections, this mark could be held off until early 2023.

“There’s no question that renters are facing sky high prices. And with rising inflation reflecting price jumps for both rents and everyday expenses, many renters are feeling the strain on their finances,” Realtor.com’s chief economist Danielle Hale said in a statement.

The post Rents Surge Nationwide to Reach Record Numbers appeared first on theprimarymarket.com.

The latest data from RealPage indicated a 0.59% decline in prices in November, which is the third-largest monthly decline since 2010 behind April 2020 and May 2020, when the coronavirus pandemic was at its peak.

Jay Parsons, VP, Head of Economics & Industry for RealPage insists that this decline is more than just a sign of seasonality, even though prices are expected to drop at this time of year. “Inflation and economic uncertainty are having a freezing effect on major housing decisions. When people are uncertain, human nature is to go into ‘wait and see’ mode,” Parsons commented.

Other revelations include a decline in occupancy levels to 95.1% compared to the 95.6% experienced in 2019. This inability to meet pre-pandemic levels is largely attributed to weak new leasing demand.

Should such trends continue, Parsons explained, the U.S. housing market would remain on track to end 2022 with its weakest net apartment demand since 2009.

The post Rent Prices Fall for Third Straight Month appeared first on theprimarymarket.com.

Speaking with Yahoo Finance, Alan Detmeister, senior economist and executive director at UBS, said that there is no “quick relief” in sight when it comes to high rent prices. However, Detmeister sees reasons for optimism some next year.

“No quick relief in rent increases,” said Detmeister. “Probably not getting too much worse after the early next year [or] probably peaking early next year but then a long slow, downward pace on rent increases and still staying high through at least the end of 2024.”

The post-pandemic home price hikes have caused people to stay longer in rental markets rather than transitioning to home ownership. This caused a higher demand and lower supply, driving the rent prices to historic levels.

The latest Zumper National Rent Report shows that the median one-bedroom rent is now $1,450, marking an all-time high. This is a 2% increase compared to last month and represents an 11.3% year-over-year jump. Major cities in Tennessee and North Carolina are leading the way when it comes to the pace of rent price increases, while Texas and Arizona are the states associated with rent affordability.

The post Renters Shouldn’t Expect “Quick Relief” in Rent Increases appeared first on theprimarymarket.com.

According to the Monthly Rental Report by Realtor.com, the median monthly rent in May was $1,849. This represents a 15.5 percent increase from 2021 and more than a 25 percent increase compared to the same period in 2019. Realtor.com’s data show that this is the 15th consecutive month of a new record rent.

Of course, some parts of the country have had it a lot worse than others. Renters in Miami had it the worst, as the rent increased 40.8 percent on average. Orlando and Phoenix metropolitan areas followed with 25.8 percent and 17.8 percent hikes, respectively.

The trend of hiking rents isn’t expected to slow down anytime soon. If the growth continues to follow the May pace, renters could face median monthly rent of $2,000 in late 2022. However, under the most optimistic projections, this mark could be held off until early 2023.

“There’s no question that renters are facing sky high prices. And with rising inflation reflecting price jumps for both rents and everyday expenses, many renters are feeling the strain on their finances,” Realtor.com’s chief economist Danielle Hale said in a statement.

The post Rents Surge Nationwide to Reach Record Numbers appeared first on theprimarymarket.com.