RENTCafé Says Rents are Up 3.2% Year-Over-Year

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RENTcafé says while the market will likely be affected by the Coronavirus pandemic, the national average rent in February was 1,468, up 3.2% from one year ago.  The most expensive apartments were in Manhattan (NYC) at $4,208 per month, while the lowest rents were in Wichita, KS, coming in at $665 per month.  However the pandemic looms large:

The economy still stands to benefit from ultraslow rates. Homeowners are refinancing while renters are seeing normalized rent growth which reduces their monthly payments and allows them to spend in other areas. We haven’t seen the impact of the COVID-19 pandemic in official data yet, as February employment growth was very strong, jobless claims did not increase and rent growth continued its steady increase. However, the coming weeks and months will likely come with employment cuts and a slowdown in trade.  Said Doug Ressler, manager of business intelligence at Yardi Matrix

Click here to read the full report at rentcafe.com.

 

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Director of Education & Outreach, National Real Estate Investors Association

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