Tight For-Sale Market Leads to Record Price Spikes in the Rental Market

A supply-demand imbalance in the for-sale housing market will eventually spill into the rental market.

August 25, 2021, 9:00 AM PDT

By James Brasuell @CasualBrasuell


Rent

HipKat / Shutterstock

"Soaring prices. Competition. Desperation. The dramatic conditions for U.S. homebuyers during the past year are now spilling into the market for rentals."

Prashant Gopal reports on the current realities of the rental market in the United States, where demand is being driven by overflow from a for-sale market that prices many potential buyers out—and into rental housing.

According to Gopal, the spike in rental prices are most acute in Sun Belt cities. "Landlords from Tampa, Florida, to Memphis, Tennessee, and Riverside, California, are jacking up rents at record speeds."

The demand for rental housing has reached record levels, according to the article. "The number of occupied U.S. rental-apartment units jumped by about half a million in the second quarter, the biggest annual increase in data going back to 1993, according to industry consultant RealPage Inc. Occupancy last month hit a new high of 96.9%."

According to data from RealPage, rents on newly signed leases surged 17 percent in July compared to the price paid by the previous tenant.

Wednesday, August 18, 2021 in Bloomberg BusinessWeek

Boston

Boston Introduces 'Maximum Parking Ratios' for Large Buildings

Large buildings with uses of all kinds will be subject to Boston's new "Maximum Parking Ratios."

October 14, 2021 - Streetsblog Mass

A person in a bright green vest with the words "Covid Marshall" patrols a street fair in Australia.

5 Tips for Planning Safe Post-Pandemic Events

As community events start move off-screen and become available to the public again, here are five ways organizers can ensure public health and safety.

October 13, 2021 - Devin Partida

Biker and driver

Jaywalking, Idaho Stop Bills Vetoed by California's Governor

Faced with the opportunity to redefine the traffic safety regime in one of the nation's most progressive states, Governor Gavin Newsom flinched.

October 11, 2021 - San Francisco Chronicle

Urban Design for Planners 1: Software Tools

This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.

Hand Drawing Master Plans

This course aims to provide an introduction into Urban Design Sketching focused on how to hand draw master plans using a mix of colored markers.