Reality Check: US Home Rent Prices Still Climbing This Fall
Agents around the country told MNI that renters face sparse supply and plenty of competition for leases among young adults, professionals, retirees and survivors of home foreclosure. Similarly light inventory in the home purchase market, combined with tough mortgage standards, is pushing many would-be home buyers into the rental market.
But in some markets, late autumn has brought a seasonal lull to rent increases. Instead, prices in these areas are lingering at the highs of the year while demand lags some, agents said.
“Manhattan rent prices are up right now, and I expected them to be down,” said Luciane Serifovic, executive vice president and director of rentals at Douglas Elliman, in New York City. “There’s just not a lot of inventory, so people have no choice but to pay what landlords are asking.”
This article was featured in an edition of AAOA Today and was hand selected by our editors as a piece of interest for American Apartment Owners Association Members.
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