Buying or selling a home can feel like a monumental endeavor. Kari Dye, Utah REALTOR has 16 years of experience and provides buyers and sellers with excellent customer service, honest professional advice and the highest ethical standards in the industry. Call her at 801-376-8404 or email her at email@example.com and check out her website at www.karidyerealtor.com!
Friday, July 22, 2016
Rents Skyrocket at Highest Rate in almost a Decade
The Consumer Price Index (CPI) was released by the Labor Department last week. An analysis by Market Watchrevealed 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:
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.
Here is a graph to illustrate the rate of increase over the last several years:
With rents continuing to rise and mortgage interest rates still at historic lows, meet with a local real estate professional who can help determine if you could turn your monthly rental cost into a home of your own.