From the archive, 2015. Rates, prices and market conditions described here are as they stood then. Treat the numbers as history, and the reasoning as the part that lasts.
By John Burns
John Burns
Rents in the highest-quality apartments rose 4.4% last year, including an 8.0% jump in one West Coast portfolio.
With a very high occupancy level (95.8%) and job growth exceeding construction levels in almost every major market in the country, landlords will continue to raise rents throughout the remainder of the year.
More renters will choose to become homeowners soon
While the number of tenants leaving to buy homes remains low—only 14.7% of renters moving versus a norm of 17% since 2002—we believe more tenants will choose to become homeowners soon.
The following table and chart come from a report we prepare that compiles the results of the publicly traded apartment REITS.
We find this to be the most pertinent rental market data for home sales because these represent hundreds of thousands of high-income renters.
Courtesy of John Burns Real Estate Consulting.
If you have any questions you can contact John Burns here.
Read more about John Burns consulting here.
Filed under Market & Trends
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