Rents Skyrocket: Highest Rate in Almost A Decade

Rents Skyrocket: Highest Rate in Almost A Decade

Rents Skyrocket: Rents Skyrocket at Highest Rate in almost a Decade. The Consumer Price Index (CPI) was released by the Labor Department on July 15, 2016.

Rents SkyrocketAn analysis by Market Watch revealed the cost of rent was 3.8% higher than a year ago for the second straight month in June. That’s the strongest yearly price gain since 2007.

Rents Skyrocket

This coincides with a report released earlier this month in which AxioMetrics announced that rents are continuing to increase in 2016.

The report revealed the following:

  • There was a 3.7% increase in effective rents in the second quarter of 2016 as compared to the same period last year.
  • That the effective rent growth this quarter compared to last quarter was 2.3%. Annual effective rent growth was positive in 49 of the top 50 markets, based on number of units. Only Houston was negative, at -1.4%, as the fallout from energy-industry job losses and excess construction continues.

The graph below illustrates the rate of increase over the last several years:

Average Effect Rent in U,S,

Bottom Line

With rents continuing to rise and mortgage interest rates still at historic lows, let’s meet up today to determine if you could turn your monthly rental cost into a home of your own.

People that read this article also read Homeowner’s Net Worth: 45x greater than a renter

Brought to you by

Luxury Valley Homes
Registered TM ®

Jane E. Daley
BA (Communications)

Jeff Daley, PhD
REALTOR®, GRI, e-PRO, CLHMS
Luxury Valley Homes ® (LVH)

(480) 595-6412

About the Author:

LVH
Jeff and Jane Daley started their careers in real estate after taking early retirement from the corporate world in October of 1999. Their success is achieved by way of their core values. MILITARY SERVICE: Jeff is a Vietnam combat veteran and served in in the US Army. He served with distinction, and received multiple citations.