Guess Where Residential Rents are Heading?
Each month, many people are faced with the decision of renewing their rental lease for another year or purchasing their first home. One of the questions that must be answered before they make a decision is – “Where are rents headed?”
The Wall Street Journal recently wrote an article on this issue. Their conclusion:
“Apartment rental increases slowed in the first quarter from a year earlier, but the move is more likely a temporary blip than the beginning of a long-term respite for renters.”
The article goes on to quote Ryan Severino, a senior economist at Reis:
“I wish I had a better story to tell renters these days, but I think they’re in for some rent increases for the foreseeable future.”
Probably the most interesting part of the article came in the Comment Section where a proud landlord proclaimed:
“As a landlord I can tell you I don’t pay property tax. I don’t pay for repairs. The tenant pays. I get my money off the top.”
Here is a chart showing rent increases over the last 25+ years:
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