Skip to main content

Rental Prices at New High

Phil Hall
Dec 21, 2017
Rental prices rose to another peak in November, according to new data released by Zillow

Rental prices rose to another peak in November, according to new data released by Zillow.
 
Last month, the U.S. median rent was up by 2.4 percent from one year earlier, reaching a new high of $1,435 per month, the highest median rent Zillow has ever reported. Zillow also noted there was synergy between rent prices and incomes, with the latter increasing 2.5 percent year-over-year during November. The greatest rent increases were in West Coast markets, with more than five percent increases recorded in Seattle and California’s Sacrament and Riverside metro areas.
 
"After about a two-year slowdown, rent growth is starting to pick back up across the nation," said Zillow Senior Economist Aaron Terrazas. "The slowdown in rental appreciation, combined with consistent income growth, gave renters some reprieve from worsening rental affordability over the past few years. But as rental growth begins to catch up with income growth, affordability will deteriorate, placing a squeeze on budget-constrained renters. Looking into 2018, rent is expected to continue gaining steam in growing employment centers, like Dallas and New York, as well as a few smaller markets like Cleveland."
 
But renters hoping to become homeowners were facing a more expensive housing market. Zillow noted that home values were by 6.7 percent year-over-year in November, with the median home value at $205,100. However, this represented the slowest rate of appreciation since November 2016. Once again, the West Coast was home to the most expensive properties, with San Jose leading the nation by 17.5 percent year-over-year home value growth and a median home value of $1,128,300. Complicating matters was inventory: there were 10.5 percent fewer homes on the market to choose from than a year ago, and San Jose was the leader in this category with a 55 percent decline in its housing inventory from a year ago.

 
Published
Dec 21, 2017
loanDepot And mellohome Introduce Home Services Bundle

loanDepot, Inc. and its sister company mellohome are launching a proprietary bundle of home buying and selling services.

Industry News
Jul 30, 2021
Gateway Mortgage Surpasses 165 Mortgage Centers With 10 New Additions

Gateway Mortgage reported significant growth in the company, prompting it to open 10 new locations across Colorado, Idaho, Oklahoma, Texas, Oregon, and Wyoming.

Industry News
Jul 30, 2021
FHFA Requires 30-Day Notice Prior To Eviction

Wednesday, the Federal Housing Finance Agency (FHFA) announced that tenants of multi-family properties must be given 30 days notice to vacate before the tenant is required to leave the premise.

Industry News
Jul 29, 2021
Houston-Based Stewart Acquires Title First Agency

Ohio-Based Agency Has 20 Offices And Operates in 32 States

Industry News
Jul 28, 2021
Planet Home Lending Reports Total Origination Volume Of $6.8B In Q2 2021

Planet Home Lending's total origination volume reached $6.8 billion in Q2 2021, up 77% from $3.9 billion in Q2 2020.

Industry News
Jul 22, 2021
FHFA Ends Controversial Refinance Fee

The FHFA announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries, starting August 1, 2021.

Analysis and Data
Jul 19, 2021