The Consumer Price Index
(CPI) was released by the Labor Department last week. 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:
- 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:
Bottom
Line
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.
Looking to Buy, Sell, or Invest? Contact:
David Demangos
858.232.8410
Locally Known, Globally Connected
Luxury Home Marketing Specialist
Global Property Specialist
David@AwesomeSanDiegoRealEstate.com
Our Team Goes to Extremes to Fulfill Your Real Estate Dreams!
No comments:
Post a Comment