A supply-demand imbalance in the for-sale housing market will eventually spill into the rental market.
"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.
FULL STORY: Landlords From Florida to California Are Jacking Up Rents at Record Speeds
Housing Prices Rising Faster Than Any Point Since 2005
New home price data from CoreLogic puts numbers to the torrid 2021 housing market in the United States.
Rents Rebounding Around the U.S., Report Says
Apartment List's May National Rent Report indicates that the brief reprieve in rising rental prices caused the economic disruption of the pandemic might already be a thing of the past.
The Consequences of 'Runaway' Housing Prices
There's been no shortage of discussion and debate about what's causing the price of homes in the United States to skyrocket at record rates, but less discussion of the consequences for housing market trends on the broader economy.
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."
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.
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.
Norwalk Redevelopment Agency
City of Cotati
City of Austin Transportation Department
Symbium
Rowan University's Department of Geography, Planning, & Sustainability
HUD's Office of Policy Development and Research
Hillsborough County Public Schools
City of Raleigh
City of Laramie, Wyoming and Albany County Wyoming
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.
