Rents Leveling Off, Especially in Major Metro Markets

June 24, 2016 at 1:59 pm Leave a comment

According to an article in the Wall Street Journal rents are beginning to level off nationwide:

After a five-year boom in which rents have jumped by about 20% nationwide, some of the nation’s biggest cities—New York, San Francisco, Seattle and Boston among them—are beginning to see slower increases. Annual rent growth for high-end urban apartments peaked at nearly 8% at the end of 2011 and has since slowed to just over 3%, according to MPF Research, which tracks the apartment market.

The downdraft is likely to become more pronounced as many of these cities see increases in the number of new apartments being delivered in 2016 and 2017. In 25 of the largest U.S. cities, multifamily permits in urban areas were up 39% in 2015 compared with a year earlier, according to a study by housing-research firm Zelman & Associates.

However, things are still good for the apartment industry:

Economists say the overall apartment market remains solid. Rents are continuing to rise quickly for more moderately priced apartments in the suburbs, tempering the urban slowdown.

You can read the full article here (Requires subscription to WSJ).

Advertisements

Entry filed under: Apartment Construction, Rent Rate. Tags: , , .

NJ Group Purchases Lake Brandt Apartments Rent Jon for a Good Cause – Limited Time Offer

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Trackback this post  |  Subscribe to the comments via RSS Feed


Calendar

June 2016
S M T W T F S
« May   Jul »
 1234
567891011
12131415161718
19202122232425
2627282930  

Most Recent Posts


%d bloggers like this: