Monthly Rental Costs Increase Putting Strain on Renters
Summary
“April data illustrates the perfect storm of supply and demand dynamics behind the continued rent surge, from a low number of available rentals to higher for-sale housing costs forcing many would-be buyers to rent for longer than planned,” Realtor.com Chief Economist Danielle Hale said. The report showed that studio apartment rents were up double digits in all 10 of the biggest tech hubs, led by: New York City (29.1%), Boston (+27.4%) and Austin, Texas (+25.0%). The report also noted that the five large markets that posted April’s biggest overall rental price gains year-over-year were in the Sun Belt: Miami (+51.6%); Orlando, Fla. (32.9%); Tampa, Fla. (27.8%); San Diego (25.6%); and Las Vegas (24.8%). Among renters surveyed in April, 66.1% said higher rents and related household costs are their top cause of financial strain – ahead of other expenses like food and groceries (57.3%) and auto and transportation (50.8%). However, lower-cost options are dwindling, with renters who moved in the past year typically paying higher rents ($350) than they did previously.
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