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.
An 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.
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:
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.
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Brought to you by
Jane E. Daley
Jeff Daley, PhD
REALTOR®, GRI, e-PRO, CLHMS
Luxury Valley Homes ® (LVH)