A new report indicates that the average rent went up while vacancy rate fell in the second quarter of this year. Based on the data from 82 markets around the country, San Jose, California experienced the highest rent increase.
Wesley Lowery of The Wall Street Journal reports: "The average effective rent in San Francisco was $1,806; Wichita, Kan., $495; and New York, $2,826."
Despite the rent hike, vacancy rate reached 6%, which is 1.8% lower than the year before and the lowest since 2008.
"But there were some cautious signs in the data. Landlords filled a net 33,000 units in the second quarter, a slowdown from the 45,000 units they filled in the first quarter. That was somewhat surprising because typically, the net 'absorption' rate falls faster during the summer as college graduates leave campus and descend on cities in search of jobs. Some analysts said the slower absorption rate could be linked to slower job growth, although it is too soon to know for sure. The peak apartment renting season runs from May to September," Lowery notes.
FULL STORY: Rents Rise, Vacancies Go Down
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
San Francisco's School District Spent $105M To Build Affordable Housing for Teachers — And That's Just the Beginning
SFUSD joins a growing list of school districts using their land holdings to address housing affordability challenges faced by their own employees.
Can We Please Give Communities the Design They Deserve?
Often an afterthought, graphic design impacts everything from how we navigate a city to how we feel about it. One designer argues: the people deserve better.
The EV “Charging Divide” Plaguing Rural America
With “the deck stacked” against rural areas, will the great electric American road trip ever be a reality?
Judge Halts Brooklyn Bike Lane Removal
Lawyers must prove the city was not acting “arbitrarily, capriciously, and illegally” in ordering the hasty removal.
Engineers Gave America's Roads an Almost Failing Grade — Why Aren't We Fixing Them?
With over a trillion dollars spent on roads that are still falling apart, advocates propose a new “fix it first” framework.
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.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Borough of Carlisle
Smith Gee Studio
City of Camden Redevelopment Agency
City of Astoria
Transportation Research & Education Center (TREC) at Portland State University
City of Camden Redevelopment Agency
Municipality of Princeton (NJ)