Rents Will Continue to Escalate
Rentable says that the median nationwide rent price for one-bedroom units in June was $1,162 (up 1.4%) with two-bedroom units coming in at $1421 (up 1.23%). For the year-to-date, Rentable says one-bedrooms are now up 3.38% and two-bedrooms have gained 2.82%.
“The laws of supply and demand rule, and with immense post-pandemic consumer demand, prices just keep rising, and this upward pressure continues to spill into apartment rental arena. While the supply and demand issue will eventually balance itself, until we see interest rate increases that may result in a weakening economy, look for summer one and two-bedroom rent prices to escalate.”
Article by Brad Beckett, Director of Education & Outreach, Real Estate Investing Today, National Real Estate Investors Association (NREIA).