The Valley Chronicle - font size="7" face="Minion Condensed"Rental r
Rental rate increases slowing, but still headed upward
Rent growth over last two years far exceeds growth in salaries
[caption id="attachment_11816" align="aligncenter" width="576"]
ApartmentList.comThis graph tracks the real estate rental rates in Hemet between 2015 and 2018.[/caption] ■ By Chris Salviati / Contributed In a new report, rent growth rates from 2015 to 2018 in Hemet have increased, but the rate of increase has slowed recently. When searching for a new place to call home, it’s important to know what’s happening with rent prices in your city. Year-over-year rent growth in Hemet currently stands at 3.6 percent, down from 8.2 percent in 2017. For comparison, Hemet experienced year-over-year growth of 7.5 percent in 2016 and 5.1 percent in 2015. Nationally, year-over-year rent growth has slowed from 3.6 percent in 2015 to a current rate of 1.5 percent. For example, in 2015 the median rent for a two bedroom apartment in Hemet was $1,008. In 2016 it was $1,083; in 2017 it went up to $1,172; finally in 2018, the median for a two bedroom was raised to $1,215. In the span of three years, the median rent has increased over $200, but the rise in recent years (2017-2018) was minimal by only $43. This slowdown in national rent growth is partially attributable to an increasing supply of new rental inventory in many markets. This year’s modest growth rate of 1.5 percent is lagging both wage growth (2.7 percent) and overall inflation (2.5 percent). This is a welcome sign of relief for renters, many of whom are still struggling with affordability. Our estimates show that annual rent growth rates at the national level have been trending downward for the past few years. Note, however, that although rent growth has slowed, it remains in positive territory. Rents are still increasing, just at a slower pace. From June 2014 through June 2015, the national median rent increased at a fairly rapid pace of 3.6 percent. However, rent growth slowed in each of the three subsequent years, and national year-over-year rent growth currently stands at a modest rate of 1.5 percent, less than half the rate from 2015. This national trend is mirrored in many of the nation’s largest cities, although some areas have seen growth rates increase. Chris Salviati is a housing economist with Apartment List.com.
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Rental rate increases slowing, but still headed upward
Rent growth over last two years far exceeds growth in salaries
[caption id="attachment_11816" align="aligncenter" width="576"] ApartmentList.comThis graph tracks the real estate rental rates in Hemet between 2015 and 2018.[/caption] ■ By Chris Salviati / Contributed In a new report, rent growth rates from 2015 to 2018 in Hemet have increased, but the rate of increase has slowed recently. When searching for a new place to call home, it’s important to know what’s happening with rent prices in your city. Year-over-year rent growth in Hemet currently stands at 3.6 percent, down from 8.2 percent in 2017. For comparison, Hemet experienced year-over-year growth of 7.5 percent in 2016 and 5.1 percent in 2015. Nationally, year-over-year rent growth has slowed from 3.6 percent in 2015 to a current rate of 1.5 percent. For example, in 2015 the median rent for a two bedroom apartment in Hemet was $1,008. In 2016 it was $1,083; in 2017 it went up to $1,172; finally in 2018, the median for a two bedroom was raised to $1,215. In the span of three years, the median rent has increased over $200, but the rise in recent years (2017-2018) was minimal by only $43. This slowdown in national rent growth is partially attributable to an increasing supply of new rental inventory in many markets. This year’s modest growth rate of 1.5 percent is lagging both wage growth (2.7 percent) and overall inflation (2.5 percent). This is a welcome sign of relief for renters, many of whom are still struggling with affordability. Our estimates show that annual rent growth rates at the national level have been trending downward for the past few years. Note, however, that although rent growth has slowed, it remains in positive territory. Rents are still increasing, just at a slower pace. From June 2014 through June 2015, the national median rent increased at a fairly rapid pace of 3.6 percent. However, rent growth slowed in each of the three subsequent years, and national year-over-year rent growth currently stands at a modest rate of 1.5 percent, less than half the rate from 2015. This national trend is mirrored in many of the nation’s largest cities, although some areas have seen growth rates increase. Chris Salviati is a housing economist with Apartment List.com.
The Valley Chronicle - font size="7" face="Minion Condensed"Rental r
Rental rate increases slowing, but still headed upward
Koi Nation of Northern California and California State Parks Renew Memorandum of Understanding and Celebrate Renaming of Ridge and Trail
Koi Nation of Northern California, USA
MSJC Hosts Temecula Valley Campus Dedication Ceremony
MSJC Hosts Temecula Valley Campus Dedication Ceremony
Stick to a “Go Safely” Game Plan: Celebrate the Holiday
Stick to a “Go Safely” Game Plan: Celebrate the Holiday Season Responsibly National “Drive Sober or Get Pulled Over” Enforcement Campaign Begins Dec. 14
Police Seek Help Locating Hit-and-Run Vehicle
Police Seek Help Locating Hit-and-Run Vehicle
Follow-up: Plane Crashes Near Residential Homes in Hemet
Follow-up: Plane Crashes Near Residential Homes in Hemet
Padilla Joins Farm Workers for a Workday as Part of the
Padilla Joins Farm Workers for a Workday as Part of the ‘Take Our Jobs’ Campaign
Don't undermine scientific discovery -- ever, but espec
Don't undermine scientific discovery -- ever, but especially now
35.3% Of Unvaccinated California Residents Cite Governm
35.3% Of Unvaccinated California Residents Cite Government Distrust
MSJC Celebrates Groundbreaking of New STEM Building and
MSJC Celebrates Groundbreaking of New STEM Building and Opening of New Animatronic Makerspace
MSJC Receives $500,000 Apprenticeship Grant
MSJC Receives $500,000 Apprenticeship Grant
24 Kids Shop with a Cop in Hemet
24 Kids Shop with a Cop in Hemet
Stick to a “Go Safely” Game Plan: Celebrate the Holiday
Stick to a “Go Safely” Game Plan: Celebrate the Holiday Season Responsibly National “Drive Sober or Get Pulled Over” Enforcement Campaign Begins Dec. 14
Four CSUSB alumni win top award for radio show
Four CSUSB alumni win top award for radio show
Padilla Joins Farm Workers for a Workday as Part of the
Padilla Joins Farm Workers for a Workday as Part of the ‘Take Our Jobs’ Campaign
C.W. Driver companies breaks ground on new three-story
C.W. Driver companies breaks ground on new three-story stem education building
MSJC Celebrates Groundbreaking of New STEM Building and
MSJC Celebrates Groundbreaking of New STEM Building and Opening of New Animatronic Makerspace