For Multifamily Executive, Hamilton Zanze CEO Kurt Houtkooper details the reasons for optimism about the multifamily market and his company’s plans for 2024.Read
Apartments Rents Continue to Rise Across U.S.
Rents rose 0.6% on average in Q1 2014 and 3.2% year-over-year across the 79 largest U.S. metros, according to research firm Reis. Rents have risen 13% since the trough in late 2009.
Rental prices continue to see upward pressure from tight vacancy, with occupancy rates hovering around 96% in Q1. The cost of buying a single-family home has increased significantly due to rising interest rates, helping to keep vacancy low. The median monthly home payment is 20% higher compared to a year ago. Additionally, employment among 25-34 year olds has notably picked up, which could contribute to higher household formation levels.
Read more at The Wall Street Journal