Rental Price Growth Hits Double-Digits
Summary
Now weve reached a stage in the COVID recovery where people are ready to move, and were seeing urgency to find new living spaces immediately.” Rents are continuing to surge in the majority of large markets, led by secondary metros. Secondary metros are becoming more popular because they offer affordable housing and balanced lifestyles, which has helped to attract big tech city renters working remotely during the pandemic. Surprisingly, rental prices in Riverside are rising at a faster pace than nearby Los Angeles at 10.2% in August, marking the highest rent gains for the fourth straight month. “A lot of this demand can be attributed to vaccines opening up offices and city-life, young adults feeling more confident to strike out on their own, and homebuyers needing to take a break from the red hot housing market,” Hale added. “And many are willing to pay top dollar to make that happen quickly, which may lead to even more growth in rents over the next few months.” Hale also pointed out that many of today’s renters are future homebuyers, and their dreams of one day finding an affordable abode is slipping further out of reach.
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