The Wall Street Journal is reporting that the average US apartment rent increased faster in 2015 than anytime since 2007. According to data from Reis, average rents rose 4.6% in 2015 with the nationwide average rent being around $1180. In addition data show that over last 15 years rents have annually increased by an average of 2.7%.
Some interesting takeaways:
“In general, the higher rents go, the more difficult it will be for young people to save for down payments, making them likely to rent even longer. The percentage of first-time buyers among all home buyers is at its lowest level in three decades, according to the National Association of Realtors”
[HOWEVER]
“In some cases, meanwhile, professionals well into their 30s are choosing to rent rather than buy, preferring the financial flexibility and the proximity to restaurants and bars.”
Click here to read U.S. Apartment Rents Leap at Fastest Pace Since Crisis, WSJ, 1/7/16
