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American Rents Climb To Record Highs Despite Slump In Home Sales

By willywonka follow willywonka   2019 Apr 8, 6:36pm 354 views   2 comments   watch   nsfw   quote   share    


Home sales in the US have slowed dramatically over the past year - and in some markets, like tony Manhattan, they have virtually ground to a halt - as high prices and a shortage of affordable inventory have squeezed cash-strapped young buyers.

But unfortunately for the average renter (a group that includes the bulk of millennials who don't still live with their parents), this housing market weakness hasn't translated to lower rents. In fact, in March, the average national rent increased by 3.2% YoY to $1,430 (up $44) to a fresh all-time high. What's worse, the increases were spread throughout the country, with 92% of the 253 largest cities in the US registering an increase in the average rent paid, while 6% of cities registered no change, and rents dropped in just 2% of cities, according to data from the Yardi Matrix published by RentCafe.com.

On a monthly basis, rents climbed 0.3% (or $4), which was in line with last year's rate for March. And unfortunately for all of those cash-strapped creatives living in Brooklyn, the 20 largest rental markets in the US continued to see robust price appreciation, with the average rent in the borough climbing to $2,860. Manhattan's rental market remained the most expensive in the country, with the average rent a staggering $4,141.

While coastal enclaves like San Francisco and NYC continued to dominate the most expensive list, cities in the South and Midwest remained the most affordable markets, with Wichita, Kansas claiming the title of most affordable city for renters, with an average rent of just $645.

Average rents in the US have continued their push to all-time highs...but the Federal Reserve is still convinced that there's no inflation in the economy?

https://www.zerohedge.com/news/2019-04-08/american-rents-climb-record-highs-despite-slump-home-sales

1   Tenpoundbass   ignore (15)   2019 Apr 8, 7:06pm     ↓ dislike (0)   quote   flag      

No new cities and no desire to build them. Can't build housing in our existing cities, they are maxed out.

This is another man made crisis that the NAR refuse to allow to be fixed. Housing recovery definition is untamed Housing value, and we're even willing to sell every last vacant house in America to a rich Chinese landlord.
2   NuttBoxer   ignore (2)   2019 Apr 9, 12:46pm     ↓ dislike (0)   quote   flag      

We have plenty of space and housing out here in Phoenix. The beauty of renting is that if your rent gets too high, just move somewhere cheaper. And there is always, ALWAYS somewhere cheaper.

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