Rent increases are finally slowing
An increasing supply of rental units is slowing the rise in rents. The annual rent appreciation has slowed for the past three consecutive months as more apartments become available.
Rents appreciated 4.5 percent, down from 5.3 percent in September, according to a study and report from Zillow.
“Newly built apartment buildings are finally opening for new residents and slowing the rate of rental appreciation across the country, but rents are still rising much faster than the historical norm and continue to rise faster than incomes,” according to the report.
“Nationally, rents grew at 4.5 percent annually in October, down from 5.3 percent in September and down from a high of 6.6 percent in July. Singlefamily rents are rising faster than multifamily rents, at 4.5 compared to 3.9 percent.
“Multifamily housing starts have been increasing since late 2009, and as units become available, the pace of rental appreciation is slowing. Lack of inventory has been a leading cause of the ongoing rental affordability crisis, especially in fast-growing markets.
“Even the hottest rental markets, which have seen double-digit rent appreciation for the past five months, are growing at a slower pace although rents are still rising there more than twice as fast as the national average.” Holiday home-selling
Some brokers and sellers have discovered that the holidays are exceptionally good times to promote and sell a home. This is the time when most people are busy with gift-buying and other festivities — except those who are really serious about finding and purchasing a home.
As a personal note, back in the years when I was working as a broker, I had a very surprising experience.
I was asked to show a listed property to a family on Thanksgiving Day. I thought these folks were probably looking for something to do on a lazy holiday. I not only made a sale on that day, but the home was also the most expensive property I ever sold.