Property Management News

Of all the categories driving inflation in recent months, among the largest — and most persistent — is rent. In buildings with more than 50 units, tenants in one-bedroom apartments have been handed new leases costing about 17% more on average than they did in March 2020, according to CoStar Group, a Seattle-based real estate data company. The Labor Department’s rent indicator — which includes ongoing leases, not just renewals — has steadily risen, to 6.7% last month over the previous August. So while tenants absorb rent increases that often exceed their income gains, are landlords minting money? It depends on the landlord. Publicly traded owners of sprawling real estate... Read more

Overall, median rent across the country’s 50 largest metropolitan areas grew last month, but the Los Angeles-Long Beach-Anaheim region saw a decline.  California, of all places, could provide some indication that the housing rental market is cooling. Overall, median rent across the country’s 50 largest metropolitan areas grew by $3 to $1,879 in July, representing the 17th consecutive monthly increase and a rise of 12.3% year over year, according to data from Realtor.com. But in the Los Angeles-Long Beach-Anaheim metropolitan region, the fourth-most-expensive in the U.S., rent fell by $4 to $3,047. In the Riverside-San Bernardino-Ontario region, rent fell by $22, and the Sacramento... Read more