Rise in Average US apartment rent: Survey
It has been anticipated that average US apartment rents will increase for the sixth year consecutively. According to reports, an increase in apartment construction is not expected to cut rise in rents in most of the major cities. And it is expected to continue as demand for rentals remains high. Increasing jobs are making it easier for people to afford their own apartment.
There are some factors because of which apartment dwellers will experience their rent rise again this year. According to Marcus & Millichap, a commercial real estate services firm, the average effective rent will increase from 3% to 3.5% this year. It has exceeded the long-term average growth of about 2.5%.
According to the firm, this increase is slower than last year; during that time, the average US monthly rent increased 5.2% to $1,179. According to Hessam Nadji, chief strategy officer at Marcus & Millichap, the only good news is that rents in the markets are increasing at a slower rate, however they are still increasing.
The cost of renting has increased gradually over a few past years. Effective rents have also increased throughout the nation at an average of 15.2% between 2007 and 2014. Demand for rental housing has increased because of a stronger job market and economy.
- New ET7 Electric Sedan Brings NIO Closer To Fully Autonomous Driving Capability
- Massachusetts Governor Baker’s 25% capacity rule is death warrant for Casinos: Richard McGowan
- San Diego Tribal Casinos refute report blaming them of spreading COVID-19
- Tennessee reports robust $131.4 million sports betting handle in November
- Nikola Motor electric waste management truck deal with Republic Services cancelled
New Zealand News
- What Does Phasing Out Cheques Tell Us About Finance in New Zealand?
- South Korean casino operator GKL closes third casino amid soaring cases of COVID-19
- Top Live Casinos in India and Pure Casino Signup Offer
- Independent MP Justin Field making efforts to prevent NSW from compensating Crown Resorts
- President-elect Biden’s Climate Plan to provide big boost to EVs and green power
American gaming and hospitality giant Boyd Gaming...Read More
An American citizen who had boasted in front of an...Read More
Pushing the long-awaited Chicago casino project...Read More
A study was conducted to evaluate the effect a...Read More
Tech biggie Google’s recent filing with the US...Read More