A Stunning $441 Billion Paid in Rent

A recently released study revealed that a whopping $441 Billion was spent on rents in the U.S. in 2014. This represents an increase of over $20 Billion from the year before. As shown on the chart below, rents have increased consistently over the last 20+ years.

Median Rents Since 1988 | Keeping Current Matters

However, the recent increases have been astounding.

Why such a jump?

Many Millennials have postponed the purchase of their first home while waiting for the economy to recover. This has increased demand and dramatically lowered vacancy rates. In a recent article on the MarketWatch, economics reporter Ruth Mantell explains:

“Landlords have ramped up rents by the fastest pace in six years, with national vacancy rates the lowest in two decades.”

Zillow Chief Economist Stan Humphries let us know that increases will continue:

“Another increase in total rent paid similar to that seen this year isn’t out of the question. In fact, it’s probable.”

 

Source:  http://www.keepingcurrentmatters.com/2015/01/08/a-stunning-441-billion-paid-in-rent/

avatar About Landmark

RE/MAX Landmark is the award-winning RE/MAX Real Estate Office serving all of Eastern Massachusetts and the Greater Boston Area. Reach us at any one of the following locations:
Lexington: (781) 861-7300
Sharon: (781) 784-6300
Stoughton: (781) 341-6100

The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein.

Terms Of Use | All Rights Reserved by Landmark | No use without prior written authorization
Web Design by Kristian Themstrup · Powered by WordPress and Genesis