Realpage.com says that while there is lots of talk about inflation there is some good news – the incomes of apartment renters are rising. They report that median household incomes for market-rate renters signing new leases jumped to a record high of $64,656 in April 2021 – which is up 5.5% from two years ago. The data was taken from apartment renter applications from those signing leases each month. Their figures exclude government stimulus money and only includes income from recurring sources.
“This is yet another reminder (of many) that market-rate apartment affordability is a non-issue at a macro scale (though certainly there are always individual exceptions). It’s also a reminder that all the talk about renter aid and distress needs to be far more targeted where distress is most concentrated — which is clearly in smaller, family-owned rental properties concentrated in big coastal cities.”