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Tag Archives: Rent prices

Asking Home Prices Show Impressive Gain in June, Rents Pick Up

Asking home prices took off in June, soaring 10.7 percent year-over-year, Trulia reported Wednesday. Month-over-month, asking prices inched up by 1.5 percent and rose 4.1 percent on a quarterly basis. Rents rose at a slower pace of 2.8 percent year-over-year, though it was still the biggest increase since January. Trulia also tracked the 100 largest metro areas and revealed 99 markets experienced an increase in asking prices over the last year.

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Report: Government Support Needed to Sustain Affordable Housing

Demand for rental housing is on the rise, but the federal government is reducing its role in the sector, according to a new report from Harvard University's Joint Center for Housing Studies (JCHS). Rental households now make up 35 percent of all households in the United States, according to JCHS. Researchers at the Center are concerned that as the federal government decreases its activity in the multifamily market, affordable housing may become scarce.

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Firm Forecasts 8% Increase in Prices, Decrease in Mortgage Rates

The pace at which home prices are rising should moderate later this year, with home prices forecast to rise by 8 percent this year then increase by another 4 percent in 2014, according to an analysis from Capital Economics. Although the research firm agrees with analysts who have warned recent home price gains are not sustainable, housing bubble concerns were described as ""premature."" Unlike other projections, the firm also doesn't expect to see a swift increase in mortgage rates over the next year.

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Survey: 67% of Renters Cite Lack of Assets as Hurdle to Homeownership

A little more than half of American renters believe owning a home is a more sensible choice than living in rental housing, according to a research study from Fannie Mae's Economic & Strategic Research Group. At 57 percent, young renters (ages 18-34) were more likely to answer that owning is the better choice. Out of those who would prefer to own, many find themselves blocked by a number of hurdles. The most commonly cited problem was a lack of assets; 67 percent of aspiring owners have less than $10,000 in assets.

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Trulia: Asking Prices Accelerate in Least Affordable Housing Markets

Asking prices are rising at an especially fast pace in the least affordable housing markets, according to Trulia. Nationally, asking prices increased 9.5 percent year-over-year in May, but in the ten least affordable metros, asking prices spiked 16.3 percent during the same time period. Among the least affordable markets, seven were in California. Honolulu was found to be the least affordable metro, where 74 percent of monthly household income is used to pay a mortgage.

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Rising Prices Lead to Fewer Investor Purchases, Longer Holding Times

A recent industry survey found rising home prices are impacting investor activity in a few ways--most notably encouraging them to hold properties longer and to decrease their purchase activity. The survey, conducted by ORC International, revealed more than half of investors plan to keep their investment properties for five years or more. Investors in these categories ""realize the benefits of rising rents and low vacancy rates,"" according to Chris Clothier, a partner at MemphisInvest.com and Premier Property Management Group.

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NAR Reveals Forecast for Commercial Sector

Although the multifamily sector leads the commercial real estate market in terms of performance, the National Association of Realtors (NAR) expects the apartment rental market to see its vacancy rate tick up over the next year. The NAR projects the multifamily vacancy rate will rise from 3.9 percent in the second quarter to 4.1 percent during the same quarter in 2014. Though, according to the NAR, a vacancy rate of less than 5 percent makes the sector a landlord's market, where demand justifies increases.

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Institutional Investor Activity in California

As institutional investor activity continues in California, PropertyRadar decided to take a look at who these investors are and their purchase patterns. To rule out smaller and individual investors, PropertyRadar tracked transfers in qualities greater than 10 from an LLC or LP. The firm reported LLC and LP purchases represented only 5.1 percent of transfer activity in 2012 and 4.5 percent in 2013. However, upon closer examination, PropertyRadar found institutional investor activity was mainly concentrated in certain counties.

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Home Prices Climb by at Least 5% for 6th Straight Month in April

The majority of metros covered in Zillow's Real Estate Market Reports saw home values inch up from March to April, the company reported Tuesday. Zillow's Home Value Index increased 0.5 percent month-over-month and 5.2 percent year-over-year. April marked the sixth consecutive month in which home values appreciated more than 5 percent on a yearly basis. According to Zillow, the last time national home values were at this level was in June 2004.

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Zillow: Buying Beats Renting in 64% of Metros After 3 Years

According to Zillow, in 64 percent of U.S. metros, buying is more affordable than renting if homebuyers plan to stay in their home for at least three years. In several large metros, it would only take around two years before a buyer reached what Zillow called the ""breakeven horizon,"" or the time it takes for buying to become more financially advantageous than renting. Out of the 30 largest metro areas, Zillow found Miami and Detroit had the shortest breakeven timeline of just two years in the first quarter. In New York, buyers would need to stay in their homes for 5.2 years before reaching the breakeven horizon.

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