Apartment dwellers do not need to be informed about inflation. They’re seeing the cost of monthly rental fees skyrocket.
Apartment rents rose at double-digit rates across the country in July, according to one study. New report by RentGroup Inc.
Average rents across the country are up more than 30% from a year ago, based on a survey of available apartment units.
“Experts had expected a modest price increase to begin in late summer,” RentGroup analysts said in a report. Not because interest rates are volatile.”
Dallas-Fort Worth apartment renters are paying more based on where they live.
Average monthly rent for a one-bedroom apartment in Frisco is $2,046, up 12.76% since July 2021.
In Irving, the average one-bedroom rent is $1,889, almost 28% higher than last July.
Average Plano rents were $1,845, down slightly from the year-ago quarter.
Dallas rents are up 16% year-over-year, and Fort Worth is up almost 10%.
RentGroup uses a weighted average formula to measure the change in rent for available units in each market.
In July, the national average price for a one-bedroom apartment was $1,770, while the average price for a two-bedroom apartment was $2,106.
The largest July annual domestic apartment rent increases for one-bedroom units were in Greensboro, North Carolina (up 74.2%) and Newport News, Virginia (up 60.7%).
Texas saw the biggest year-over-year rent increase in Lubbock, where average one-bedroom apartment prices have increased more than 32% since July 2021. Austin’s rents have risen more than 28% year-over-year.
New York City ($5,760) and Glendale, California ($4,014) had the highest one-bedroom apartment rents last month.
North Texas apartment rents soar Over the past two years, vacancy rates have fallen to nearly 4%.
Dallas-Fort Worth leads the country with over 56,000 apartments under construction.
Nearly 60% of U.S. renters have seen their rent rise in the last 12 months, according to a new survey from lender Freddie Mac. doing.
Kevin Palmer, head of Freddie Mac Multifamily, said in a new report, “The surge in rents that has occurred over the past 12 months has added to housing uncertainty for the most vulnerable renters.” increase. “Our survey shows that the nationwide housing affordability crisis is getting worse, with inflation being the main driver.”
A nationwide survey by Freddie Mac found that one-third of renters said their income wasn’t increasing enough to cover rising housing costs.