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Apartment rent and occupancy hit record highs in November
A “For Rent” sign posted in front of an apartment building on June 02, 2021 in San Francisco, California. Justin Sullivan | Getty Images Apartment rent growth and occupancy set new records in November, yet another sign that the nation’s housing market isn’t following seasonal patterns this year. Rent growth and occupancy usually cool heading into winter. Apartment occupancy hit a new high of 97.5{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} in November, according to RealPage, a real estate technology platform. The rate is up roughly 250 basis points from the long-term norm of about 95{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} going back over the past three decades. The annual increase in asking rents for new move-in leases hit 13.9{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} in…
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As housing costs soar, homebuilders develop houses for rent
Home builders and other real estate companies are increasingly betting that would-be home buyers frustrated with a shortage of homes for sale and runaway prices will settle for renting their slice of the American dream. Although individual homeowners and mom-and-pop investors still account for the vast majority of single-family rental homes, home builders have stepped up construction this year of new houses for rent. In the third quarter, builders broke ground on 16,000 single-family homes slated to become rentals. That’s the highest quarterly total of housing starts for built-to-rent homes going back to at least 1990, according to an analysis of U.S. census data by the National Assn. of Home…
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Estate agents accused of ‘slap in the face’ to renters with ads for investment properties that are not subject to rent cap limits
Estate agents have been accused of “slapping first-time consumers and renters in the face” with commercials encouraging home buyers to acquire residences because they are not capped beneath Rent Tension Zone (RPZ) legislation. t arrives as landlords were alleged to have pushed up rents over and above boundaries imposed underneath restrictions. Labour councillor for Limerick, Conor Sheehan, stated he was “dismayed” to see this sort of advertising and marketing practices whilst property-looking not long ago. In 1 advert for a semi-detached household, an estate agent advertised the home as being “an perfect possibility for any first-time purchaser or for people who are searching for a probably valuable investment house with…
