After apartments in U.S. gateway metros suffered big price cuts in much of 2020, effective asking rents are beginning to inch up again on a month-to-month basis.
Since the COVID crisis began, private investors helped drive the market, according to a recent report from Marcus & Millichap.
Illinois’ ban on residential evictions will end in August, more than a year after Gov. J.B. Pritzker imposed the emergency measure in response to the pandemic.
Gov. JB Pritzker is announcing $1.5B in housing assistance for Illinois renters and landlords affected during the pandemic. Eligible residents can receive up to $25,000 of assistance.
The problem is that the US just doesn’t have enough homes. The solution might be too expensive for homebuilders’ liking.
The surge in house prices could be a harbinger of accelerating inflation if it’s being driven by savvy investors betting that the cost of renting is poised to rise.