The disparity in the price increases between renewals and new leases isn’t an accident. Many apartment operators try to thread the needle between introducing higher rates to existing residents while trying to keep them in their apartments.
Bidding wars have long been a staple of boiling real estate markets, where buyers compete with offers above the seller’s listing price. Today, these contests are becoming more common in the rental market.
Millions of Americans, especially younger generations, are unable or unwilling to purchase their own homes. Reasons may include a lack of downpayment or poor credit, while other potential buyers are waiting for the market to soften and interest rates to go down.
Millennials could be the next wave of real estate investment property owners. According to a recent report from Harris Interactive, 55 percent of millennials said they were interested in real estate investing.
U.S. asking rents are at an all-time high, and in some metros, more than double the average growth
Amid the materials shortages, price hikes, and other craziness of the housing market last year, something remarkable happened. US builders completed more apartments in large multi-unit buildings than ever before.