Our September U.S. Economic and Housing Outlook focuses on one real bright spot in the housing recovery which is the multifamily space, and especially the construction boom happening in for-rent buildings. This is fueled by strong demand for apartments among Americans, especially Millennials, who are either choosing to rent or think they don't have the income or credit quality to purchase a home. And in other cases, it might just be a case where credit is still too tight for potential homebuyers to get a mortgage.
Rents are sizzling nationwide. From December 1999 through June 2014, rents increased 53% on average, while all other items only went up 40%. Northeast and West regions had the biggest real rent growth. Only in the Midwest did rents increase less than other goods, though not necessarily wages and income.
So how does your area's rent stack up compared to other goods and services? Adjust the parameters in the drop down boxes to find out.
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