“Single-family rents have been bouncing around their pre-pandemic rate of growth of about 3% this year after growing by double digits for most of 2021 and 2022. At the end of 2023, they did slow to the mid-2% range…While single-family rents are increasing at a stable rate, median rent continues to rise and has increased over $300 over the past two years”  Said Molly Boesel, principal economist for CoreLogic.

Click here to read the full report at CoreLogic.

According to the report, advertised rental rates for parking units have grown incrementally since February but were down 0.4% year-over-year in June 2024, as demand for new RV and boat sales dropped
after annual new supply reached an 18-year high last year. However, they say the sector has outperformed
traditional self storage, where rents declined 4.9% in June and rate declines have worsened
in recent months.

Click here to read the full report at Yardi.

“Multifamily rent growth is weak nationally compared to long-term levels, but the market is exhibiting strength in many ways. Advertised rents were up only 0.8% year-over-year through July, but growth remained consistent through the beginning of the summer.”

Click here to read the full report at Yardi.

“Living in markets with a high share of renters indicates excellent access to urban amenities, including public transportation, entertainment, dining options, and cultural attractions, which are highly appealing to renters,” explains Jiayi Xu, the Realtor.com economist who wrote this report.

Click here to read the full report at Realtor.com.

However, perhaps of most concern to real estate investors were her remarks about housing:

“Harris also reiterated her stance on housing, saying she would take on corporate landlords and cap unfair rent increases. This seems to indicate that she is interested in moving forward with the Biden plan to cap the maximum annual rent increase for landlords who own more than 50 properties at 5%. Many housing advocates have come out against this policy. The National Association of Home Builders said it would worsen the current housing problem by discouraging the construction of more homes.”   – as reported by Yahoo!Finance

Stay tuned….

Click here to read the full story at Yahoo! Finance.

“The fact that Zumper shows national rent growth at a 12-month high at the same time as the U.S. delivers a record 50-year high of new supply shows you just how strong renter demand is today.”   Said Zumper CEO Anthemos Georgiades.

Click here to read the full report at Zumper.

Some key findings:

• Renters are adopting a meticulous approach to their apartment search by thoroughly exploring multiple options before making a decision.
• Minneapolis maintains its dominance as the most sought-after city in the first half of the year.
• Atlanta takes third place with Cleveland hot on its heels, while the nation’s capital ranks sixth.
• The West consolidates its status as the most coveted region for renting.

Click here to read the full report at Rentcafe.

“While the annual rent growth in higher-priced properties picked up momentum…lower-priced properties saw a slowdown in growth and had the lowest annual rent increase of any price tier in May. However, even though growth for lower-priced rentals has slowed, properties in this price range saw gains of more than 30% over the last four years.”  Said Molly Boesel, principal economist for CoreLogic.

Click here to read the full report at CoreLogic.

We’ve covered the disastrous effects of Rent Control for sometime now. This week various news outlets are reporting that President Joe Biden is proposing a 5% cap on rental increases, in effect implementing a de-facto rent control, nationwide.   According to the Rental Housing Journal, Biden’s plan will cap rent increases to 5% annually for landlords with more than 50 units but, they say, it will face stiff opposition in Congress.

In addition, The Washington Post says the measure would not only apply to landlords who own more than 50 units, which represents roughly half of all rental properties, but it wouldn’t cover units that have not yet been built.

The White House released a fact sheet on the proposal where they said “President Biden is taking action to make renting more affordable for millions of Americans.”

However, the WSJ summed up the proposal quite nicely in a lead editorial on July 17th:

“It’s hard to think of a worse idea than imposing rent control nationwide through the tax code. It would reduce investment in new supply and drive up rents in units not subject to government caps. Look at New York City where nearly half of units are “rent stabilized,” and the average one-bedroom apartment costs $4,300 a month.

As Mr. Biden’s re-election prospects grow more dire, his policy lurches to the left are becoming ever more radical.”

– The Wall Street Journal Editorial Board.

“The Biden Administration is exhibiting financial malfeasance by suggesting a distracting rent cap that would do nothing for rents, nothing for housing costs, and would only expand red-tape for governmental housing programs!”

“The housing supply has been strangled by red-tape and high interest rates.  Government-created problems will not be fixed by additional layers of bureaucracy.  In fact, as we have seen, economists have repeatedly stated that government control of housing prices destroys housing investment.  The U.S. housing market’s problems are widely varied and will require flexible, state-based housing responses.  National REIA members are ready to assist in private redevelopments and are critical to local success stories.  After all, we improve neighborhoods one home at a time.” 

– Said Charles Tassell, COO of National REIA.

Click here to read the full story at the Washington Post

Click here to read the full story at the Rental Housing Journal.

Click here to read the White House Fact sheet

Click here to read the WSJ editorial.

“The U.S. job engine keeps chugging along, and demand is boosted by the U.S. housing shortage, foreign immigration and the low number of home sales, which keeps in place some renters who would prefer to buy homes but cannot.”

Click here to read the full report at Yardi.