The demand for rental housing is increasing nationwide, with more and more people turning to renting in America’s largest cities. A combination of factors – including limited inventory levels, declining vacancy rates and continued job growth – have pushed rental prices up by 6.5 percent over the past year, to reach a record high of $1,155 in July 2015.
The number of renter households has also seen a robust increase across the country, with Philadelphia recording the largest renter population growth between 2006 and 2013, a whopping 28.2 percent. In fact, the renter population increased by double-digit percentages in nine of the country’s largest metros, according to a recent study by NYU Furman Center and Capital One. The study examined the housing landscape and market trends in the central cities of the 11 biggest U.S. metropolitan areas (by population) – namely, Atlanta, Boston, Chicago, Dallas, Houston, Los Angeles, Miami, New York City, Philadelphia, San Francisco and Washington, D.C.
Read more...Top Cities for Multifamily Rentals | Commercial Property Executive
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