Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By silveristhenew (Reporter)
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

What the Heck is Going on with Rents?

% of readers think this story is Fact. Add your two cents.


wolfstreet.com / by Wolf Richter / October 31, 2016

Demand is drying up in the priciest markets.

On the surface, rents, when averaged out across the US, still rose in October, though way slower than during the landlord’s golden days, with one-bedroom median asking rent up 1.5% year-over-year and two-bedroom rent up 2.5%, according to Zumper’s Rent Report.

But beneath the surface, a sea change is underway. Zumper:

Among the top ten rental markets, we saw declines in both of the most expensive markets, San Francisco and New York, a trend that continued from last month, and half of the twenty priciest saw falling rents, including cities like San Diego, and Miami, and Honolulu. The market for two bedroom apartments seems to be slowing down even faster, as prices fell in nearly 60% of rental markets.

All heck is breaking loose in San Francisco…

But not because the economy has tanked in the most ludicrously expensive rental market in the US, which it has not. Enormous supply is flooding the market, thanks to a historic construction boom not only of apartment towers but also of condo towers, whose investor-owned units, now that selling them has become tough, are appearing on the rental market.

Nearly all of the new supply is high end, and it is pressuring the market from the top down.

The median asking rent – half are lower, half are higher – for a one-bedroom apartment fell 7.9% year-over-year to $3,380, according to Zumper, which analyzes rental data from over 1 million active rental listings in multi-family buildings (it does not include single-family houses on the rental market). For a two-bedroom, asking rent fell 6.6% year-over-year to $4,670. The fourth month in a row of year-over-year declines.

READ MORE

The post What the Heck is Going on with Rents? appeared first on Silver For The People.


Source: http://silveristhenew.com/2016/11/01/what-the-heck-is-going-on-with-rents/


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)

Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen!

Nascent Iodine - Promotes detoxification, mental focus and thyroid health.

Smart Meter Cover -  Reduces Smart Meter radiation by 96%! (See Video).

Report abuse

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    Total 1 comment
    • Bonnie Ember

      When your average rent, for a SFR, is $6000. a month, in S.F., there is going to be an adjustment, on the roller coaster ride.

      Fukishima is in full meltdown. The Orca’s are either having stillborns, or their young do not survive.
      Orca’s are no longer communicating, with each other.
      First the Orca, Then the Fish, Then the humans.

      We have overbuilt for our population, but we can invite the Japanese here, to live.
      Where ever you work on a computer,
      in the Global Economy, should have at least the basics: Fresh Oxygen, Good Food & Water. Good Shelter.

      We live up in the Sierra Foothills, in the Mother Lode of Placerville.
      We are in Swansboro, a hilltop community, with an airfield.

      Plenty of good homes here on land for farms. Prices start in the $300′s.

      Come on up.

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.