Despite a slowdown in the single-family market, record-high rents show no signs of dropping.
After years of skyrocketing prices, the single-family housing market is starting to cool, reports Lynn Pollack in Globe St. “And while ‘significant price collapses’ are not likely due to ongoing supply-demand imbalances, the recalibrating single-family home market will continue to benefit the multifamily asset class,” Pollack continues.
After rising for 24 straight months, the average price of existing single-family homes is finally decreasing as the buying frenzy fizzles out and mortgage rates rise. According to Pollack, “the problems of the single-family housing market are almost universally regarded as a boon for multifamily, as millennials looking to form households will likely turn to the higher-end rental market as an alternative.”
This isn’t necessarily good news for renters, however, as the average rent rose to over $2,000 in June for the first time ever. “The average Class A and Class B effective rents in the U.S. grew by about 17 percent year-over-year through June, while Class C apartment rents climbed by 12.3 percent over the same period.”
According to recent figures from the Census Bureau, 8.5 million people owed back rent at the end of August, with almost half expressing that they are likely to face eviction in the next two months.
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