When viewed through a wide lens, renters across the U.S. finally appear to be getting some relief, thanks in part to the biggest apartment construction boom in decades.
Median rent rose just 0.5% in June, year over year, after falling in May for the first time since the pandemic hit the U.S. Some economists project U.S. rents will be down modestly this year after soaring nearly 25% over the past four years.
The rent on her one-bedroom apartment jumped 13% last year to $1,700. It climbed another 6% to $1,800 this month when she renewed her lease. That scenario is playing out across the nation. Developers are rushing to complete projects that were green-lit during the pandemic-era surge in demand for rentals or left in limbo by delays in supplies of fixtures and building materials. Nearly 1.1 million apartments are currently under construction, according to the commercial real estate tracker CoStar, a pace not seen since the 1970s.
“I think we’re in a period of rent flattening for 12 or 18 months, but it’s certainly not a big rent decline,” said Hessam Nadji, CEO of commercial real estate firm Marcus & Millichap. In the New York metro area, the median rent climbed 4.7% in June from a year earlier to $2,899, according to Realtor.com. In the Midwest, rents surged 5.6% in the Cincinnati metro area to $1,188, and 6.9% to $1,350 in the Indianapolis metro area.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Ariana Grande, boyfriend Ethan Slater reportedly taking time apart as he sorts out divorceAriana Grande and her boyfriend are reportedly taking \u0022amicable time apart\u0022 as he sorts out the details of his ongoing divorce.
Lire la suite »
The 'Barbie' bonanza continues at the box office, 'Oppenheimer' holds the No. 2 spot“Barbenheimer” has proven to be not a one-weekend phenomenon but an ongoing box-office bonanza. The two movies combined have already surpassed $1 billion in worldwide ticket sales.
Lire la suite »
Ottawa police arson unit seeking witnesses for suspicious fire in VanierThe fire was at the shed of an apartment building on Lavergne Street early Thursday.
Lire la suite »
New Canada Workers Benefit payment coming July 28 to eligible CanadiansFor the first time, the benefit will be available to low-income Canadians in advance
Lire la suite »
VANIER FIRE: Ottawa police arson unit seeking witnesses to suspicious fireThe fire was at the shed of an apartment building on Lavergne Street early Thursday.
Lire la suite »
Johnson & Johnson effort to resolve talc lawsuits in bankruptcy fails a second timeU.S. Bankruptcy Judge Michael Kaplan ruled that J&J company’s second bankruptcy must, like its first, be dismissed as the company was not in ‘financial distress’
Lire la suite »