Much has been written about how residential real estate values have increased since the housing market started its recovery in 2012. However, little has been shared about what has taken place with residential rental prices. Letā€™s shed a little light on this subject.

In the most recentĀ Apartment Rent Report,Ā RentCafeĀ explains how rents have continued to increase over the last twelve months because of a large demand and a limited supply.

Ā ā€œContinued interest in rental apartments andĀ slowing constructionĀ keeps the national average rent on a strong upward trend.ā€

Zillow, in its latestĀ Rent Index, agreed that rents are continuing on an ā€œupward trendā€ across most of the country, and that the trend is accelerating:

ā€œThe median U.S. rent grew 2% year-over-year, to $1,595 per month. National rent growth is faster than a year ago, and while 46 of the 50 largest markets are showing deceleration in annual home value growth, annual rent growth is accelerating in 41 of the largest 50 markets.ā€

TheĀ ZillowĀ report went on to detail rent increases since the beginning of the housing market recovery in 2012. Here is a graph showing the increases:Think Prices Have Skyrocketed? Look at Rents. | MyKCM

Bottom Line

It is true that home prices have risen over the past seven years, increasing the cost of owning a home. However, the cost of renting a home has also increased over that same time period.

Your real estate agent is the best source of information about theĀ local communityĀ and real estate topics. GiveĀ Kevin CooperĀ a call today at 603-657-6787 to learn more about local areas, discuss selling a house or tour availableĀ homes for sale.

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