The median U.S. asking rent in July is only $16 below the record high set in August 2022, according to Redfin, with the average rent being $2,038. It noted that while rent gains cooled over the past year "big bargains are still often hard to come by given rents are near record highs."
It is yet another metric to help guide apartment owners as they try to forecast where rents are headed. While rents are clearly normalizing, landlords rely on a myriad of numbers, statistic providers and theories as they set their own strategies. To cite just one: Data analytics firm Markerr's outlook in July for the next five years was that the top 100 US markets will see a 3.9% increase in rent through 2024, and a 5% jump the year after, followed by more normal 3% to 1.5% growth in years three to five.
GlobeSt.com spoke with several experts to see how they gauge the market's direction.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
