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Tag Archives: Rent prices

Survey: Interest in Buying Increases Among Young Renters

Nearly two-thirds of millennials expressed an increased interest in buying, and it's not because they are tired of apartment living, according to a survey from Pulte Group, Inc., a national homebuilder. The PulteGroup Home Index Survey (PGHI) showed 65 percent of renters between ages 18 to 34 with an annual income of at least $50,000 said their intention to buy has increased significantly or somewhat over the past year. The majority of millennials, or 52 percent, are interested in buying because they view a home as an investment and have a desire to own and build equity.

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Shrinking Rental Yields to Drive Out Investors, but Not This Year

Lower rental yields might cause investors to lose interest in the housing market, but according to Capital Economics, that scenario is unlikely to play out this year. Currently, the increase in home prices is outpacing the rise in rents, which ""is weighing on rental yields,"" the firm noted in a report authored by the property economist Paul Diggle. However, Capital Economics stated the reduction in rental yields is actually ""very gradual"" and the ""the total return from housing remains attractive."" Thus, investors, who analysts say are driving the recovery, are not expected to exit the market just yet.

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Home Values Climb for 16th Straight Month in February: Zillow

Home values maintained their upward trajectory in February after climbing for the 16th straight month, according to Zillow's Home Value Index. The index registered a national value of $158,100 last month, which represents a slight 0.1 percent increase from January and a 5.8 percent jump from February 2012, Zillow reported. The yearly gain is the second largest increase since August 2006. In January, the year-over-year gain was 6 percent. At the same time, all 30 of the largest metros tracked by the online real estate marketplace saw monthly and yearly price growth.

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Trulia: Owning Costs 44% Less than Renting

Home price gains may be outpacing increases in rent, but the cost of being a homeowner is still much less than that of a renter, according to Trulia’s Winter 2013 Rent vs. Buy report. After factoring all cost components, Trulia found buying a home is 44 percent cheaper than renting, down slightly from 46 percent a year ago. Yet, in the last year, asking home prices showed a 7 percent gain compared to a 3.2 percent increase in rents during the same time period, according to data from the real estate site.

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Report: Booming Multifamily Sector Lacks Affordable Housing

The rental market may be flourishing, but finding decent, affordable housing is still a challenge for many renters, especially among the lower-income households, the National Low Income Housing Coalition revealed in a recent report titled Out of Reach 2013. A person working full-time would need to make about $18.79 an hour to afford a decent apartment, yet the hourly wage earned by the average renter is $14.32, according to the report. Among extremely low income (ELI) renter households, affordable housing is an even greater issue. The report estimates there are 10.1 million ELI renters in the country, and 76 percent of the ELI rental segment spends over half of their income on housing costs.

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Asking Prices Rise in February; Inventory Falls

Asking home prices have risen 7.0 percent year-over-year since bottoming out last February, Trulia revealed in its February Price Monitor Report. At the same time, inventory fell 23 percent year-over-year in February, according to data provided from Department of Numbers. Inventory fell year-over-year in all of the 50-plus markets tracked, dropping more than 50 percent in several California metros.

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Risk of Default for Renters Down from Year Ago, Up Quarterly

Renters across the country are less likely to default compared to a year ago, but the risk of not fulfilling lease obligations has increased on a quarterly basis, according to CoreLogic’s SafeRent Renter Applicant Risk (RAR) index report. With an index value above 100 indicating less risk, CoreLogic's national index stood at 103 in the Q4 2012, up from 101 in Q4 2011, but down from 106 in Q3 2012.

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Freddie Mac: Rental Sector Shows Growth, but Lacks Affordability

In a blog post, a Freddie Mac executive revealed more than one-third of U.S. households are renters, the largest share since 1997, yet adequate, affordable rental housing is still out of reach for many. According to David Brickman, SVP of multifamily at Freddie Mac, the nation has seen 5.4 million new renter households between 2004 and 2011, and growth is expected to continue. At the same time, Brickman noted more than half of all renters in the country exhaust more than 30 percent of their income on housing.

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Report: Obstacles to Policies that Encourage Low-Priced Housing

Inclusionary housing policies--those which either require or encourage developers to provide low-priced housing within market-rate developments--have largely survived the recent housing downturn. However, several obstacles now stand in their way, preventing them from reaching their full effectiveness, according to a recent report from the Center for Housing Policy. Major hindrances to these policies include shifts in development pattern, new restrictions regarding rental housing, and rising homeowner association fees, among others.

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California Cities Post Highest Single-Family Rent Increases

California cities claimed seven spots on a top 10 list of cities experiencing the highest rental price increases for three-bedroom, single-family homes. RentRange observed changes in rent prices for three-bedroom, single-family homes located in cities with at least 25,000 residents. The data firm found the greatest growth in La Quinta, California, where rents increased 35.75 percent from December 2011 to December 2012.

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