All articles tagged with #rental market
Originally Published 4 months ago — by Business Insider
The AI industry boom is significantly boosting San Francisco's real estate market, with rising home prices, record luxury sales, and a hot rental market driven by high salaries and increased in-person work, although buyers are now more cautious due to past tech busts.
Originally Published 1 year ago — by Business Insider
Homebuilders are increasingly renting out new homes instead of selling them due to a surplus of unsold inventory and challenging market conditions. Despite a high supply of newly completed homes, builders are reluctant to cut prices amid rising mortgage rates and affordability issues for buyers. Instead, they are turning to the rental market, converting homes to rentals or selling them to investors specializing in single-family rentals. This strategy provides builders with an alternative revenue stream and helps manage inventory, as the demand for rentals remains strong.
Originally Published 1 year ago — by KOMO News
Existing home sales surged 9.5% in February, the largest monthly increase in a year, as more supply hit the market, easing some pressure on prices. However, sales were down 3.3% from a year ago due to high prices and interest rates. The median existing home sales price rose 5.7% to $384,500, marking the eighth consecutive month of year-over-year price gains. Inventory of unsold existing homes increased by 5.9%, providing some relief from low inventory. Mortgage rates remain high, impacting affordability and leading to added pressure on the rental market.
Originally Published 1 year ago — by Fox Business
Post Brothers CEO Michael Pestronk sees a real estate opportunity in urban areas as some Americans opt to rent instead of buying homes, particularly targeting the "forever renters" demographic. He notes a lack of affordable housing in large metro areas and advocates for larger, high-quality apartments as starter homes. Pestronk highlights a shift towards renting among higher-income demographics and emphasizes the appeal of well-located, infill properties. This trend has attracted both millennials and empty nesters, signaling a shift away from traditional home ownership.
Originally Published 1 year ago — by syracuse.com
Syracuse, New York, has been identified as the most competitive rental market in the U.S. with a 23% increase in apartment rental costs over the past two years, according to a report by Apartment Advisor. The median cost for an apartment has risen from $1.22 to $1.50 per square foot, making it harder to find affordable housing in the area.
Originally Published 1 year ago — by USA TODAY
Zillow has launched a new feature allowing users to search for individual room listings, aiming to help renters find more affordable housing options as housing costs continue to rise. With rent and home prices up significantly since the start of the pandemic, more Americans are turning to roommates to cut housing expenses. The new feature, available nationwide, is especially popular in larger cities where affordability remains a challenge. This move is seen as a way to provide more affordable options for renters and help homeowners offset mortgage costs.
Originally Published 1 year ago — by New York Post
A study from Harvard University reveals that a record number of American renters, totaling 22.4 million, are considered "cost burdened," with more than half spending over 30% of their income on housing costs. The median residual income after paying rent has hit an all-time low, exacerbated by a 9.1% inflation rate in July 2022. Although the median asking rent price has slightly decreased from its peak, it remains 22% higher than pre-pandemic levels, highlighting the ongoing financial strain on renters.
Originally Published 1 year ago — by NPR
A new Harvard University report reveals that a record half of U.S. renters faced unaffordable housing in 2022, with nearly half of them paying more than 50% of their income for rent and utilities. The study shows that even households making $30,000 to $74,999 a year experienced a significant increase in housing unaffordability. The report also highlights the challenges faced by low-income renters and the lack of affordable housing options, leading to a growing gap between rents and incomes. Despite a softening rental market, the situation remains dire, with millions more people qualifying for federal housing subsidies due to the housing crisis.
Originally Published 1 year ago — by The New York Times
A new report from Harvard's Joint Center for Housing Studies reveals that half of all renters in the United States are spending more than 30 percent of their income on rent and utilities, with a record 12.1 million households spending over 50 percent. The surge in housing costs affects a wide range of renters, from low-income to higher earners, with middle-income renters experiencing the sharpest rise in cost burden. Interviews with renters across the country illustrate deep financial insecurity, as many struggle to make ends meet, leading to skipped meals, reduced social activities, and emotional tolls. While there is some short-term optimism with increasing vacancies and new multifamily units under construction, the situation remains dire for many renters.
Originally Published 2 years ago — by Bloomberg
The cooling property market in Hong Kong has led to a shift in strategy for luxury homeowners, with some opting to rent out their properties instead of selling due to approaching seven-year low prices and the fewest sales in nearly three decades. The government has even suspended residential land sales for the first time in 14 years due to poor demand, as owners hope for an end to the downturn with expected falls in borrowing costs and improvements in China's economy.
Originally Published 2 years ago — by New York Post
Savannah Guthrie, host of "Today," has decided to rent out her Tribeca apartment in downtown Manhattan after failing to find a buyer. The four-bedroom, four-bathroom loft was initially listed for $7.1 million but received a $600,000 price cut to $6.5 million. With the New York City real estate market favoring renters, Guthrie and her husband opted to put the apartment up for rent, and it was recently leased for an undisclosed amount. The couple purchased the home in 2017 for approximately $7.11 million.
Originally Published 2 years ago — by Daily Mail
Real estate investor Grant Cardone predicts that the US is on the brink of the "greatest real estate correction" in his lifetime, presenting a "great opportunity" for individuals to purchase office space and apartments. However, he believes this correction will not affect single-family homes, where renting may still be more affordable. Cardone blames the Federal Reserve for the current state of the housing market and urges them to lower interest rates to stimulate the industry. Recent data shows a drop in Manhattan rents and a decline in US rental prices, while mortgage rates continue to rise.
Originally Published 2 years ago — by CNBC
Experts predict improvements in the housing market in 2024 as mortgage rates drop below 7% for the first time since August. Lower interest rates will provide buyers with more budget flexibility, and increased inventory will lead to more home construction. However, affordability remains a challenge, with home prices expected to stay flat. High costs have delayed homeownership, pushing the typical age of renters and first-time homebuyers upwards. Renters are getting older, and many are considering renting single-family homes instead. Despite the challenges, there is still pent-up demand for homeownership, as it remains the number one way to build wealth in America.
Originally Published 2 years ago — by CNBC
Manhattan rents have experienced their first year-over-year decline in over two years, with the median rent falling by 2% in November to $4,000. The drop is attributed to an increase in the supply of empty apartments and renters holding out for price cuts. The decline in rents has significant implications for the housing market and overall inflation, as Manhattan is the largest rental market in the US. Brokers report a sudden decline in demand, with landlords offering concessions rather than cutting listing prices. While Manhattan rents are still the highest in the country and 11% higher than pre-pandemic levels, brokers anticipate further price drops into early next year due to job cuts and increasing attractiveness of the sales market.
Originally Published 2 years ago — by Business Insider
Median asking rents in the US have experienced their largest year-over-year drop since February 2020, according to a report by Redfin. The surge in housing supply has led to an increase in rental vacancies, prompting landlords to offer more concessions to attract tenants. While this may be good news for renters in the short term, Redfin cautions against expecting a broader rent drop in the coming years, as the supply of single-family homes remains limited. Additionally, larger rental units may see higher prices due to the demand from growing families and the popularity of remote work.