Home prices may be cooling off right now, but rents are heating up yet again. After taking a breather in 2018, rents for both single-family homes and multifamily apartments are now rising at the fastest pace in nearly a year, according to Zillow.
div > div.group > p:first-child"> After taking a breather in 2018, due to new supply on the market, rents for both single-family homes and multifamily apartments are now rising at the fastest pace in nearly a year, according to Zillow.
"The rental market spent part of last year catching its breath after several years of breakneck growth," said Zillow economist Jeff Tucker."Landlords are now coming to terms with the fact that rent cannot grow faster than income forever, and after that short correction we can expect a much more vanilla, slow-growth market going forward. As we enter the 2020s, the demand for rentals is projected to fall as many millennials move on to homeownership.
Lisa Layden owns four single-family rental properties in Arlington, Virginia, where Amazon plans to put its new offices, and said the potential new rent prospects are,"a dream." She is changing her timeline for holding her properties. Rents slowed for much of last year because of robust construction in the apartment market. Much of the new supply was on the high end, and some were concerned that vacancies would rise. Demand, however, remained strong, and now the supply is leveling off.
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