WSJ reports:
Demand for rental housing continues to climb more than four years after the recession, pushing up rents and cutting into Americans’ disposable income.The rental vacancy rate, or the share of units that are empty and available for rent, fell 0.5 percentage point in 2013 to 8.2% in the fourth quarter from a year earlier, the Commerce Department said Friday.
After peaking at just above 11% in 2009, rental vacancy has fallen sharply in the wake of the housing collapse and recession. That reflects families flocking to rentals after losing their homes to foreclosure, being blocked from obtaining a mortgage due to tighter lending standards or simply concluding that buying is too risky.
The higher demand and tighter supply of units are enabling landlords to raise prices. The median asking rent for vacant units in October through December was $746, up 3% from $724 a year earlier.
Consumer Price Index for All Urban Consumers: Rent of primary residence:
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"Demand for rental housing continues to climb more than four years after the recession, pushing up rents and cutting into Americans’ disposable income."
ReplyDeleteNot in my area; Southwest Michigan. The local paper, Craigs List, and signs on street corners tell the tale. Vacancies here are high. Here you can rent a 3bdrm home for $600/month... (caveat)... If you have a job.