Rental prices skyrocketing
Published 1:10 pm Sunday, February 13, 2022
Raising prices at the gas pumps and grocery store checkout lines are reminders that inflation is at an all-time high. Now those skyrocketing prices have hit the home and apartment rental properties.
If you currently rent or are looking to rent, be prepared to pay much more than in years past.
According to CoreLogic, a recent study in property information, U.S. single-family rent growth increased 11.5% in November 2021, the fastest year-over-year increase in over 16 years, and increases are expected to continue well into 2022.
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“The study measured rent changes among single-family rental homes, including condominiums, using a repeat-rent analysis to measure the same rental properties over time. The November 2021 increase was more than three times the November 2020 increase, and while the index growth slowed in the summer of 2020, rent growth returned to its pre-pandemic rate by October 2020.” A release from CoreLogic stated.
According to the Multifamily Outlook report from Freddie Mac, annual rent growth is forecasted to be 3.6% in 2022, with rising rent expected in every major U.S. housing market.
According to the report from Freddie Mac, during the early days of the pandemic, many residents left expensive, densely populated, urban city centers for less expense and less dense suburban locations. That demand for a lower-cost living continues causing demand for rental properties across the nation.
On Wednesday, Feb. 9 Apartment Finder was showing apartments in Farmville to range anywhere from $900 to as much as $3,607 a month for a unit.
Home rental rates were showing $850 to $1,200 a month for a three bedroom.
Statewide Rent.com reports that the average rent for a three-bedroom home in 2021 was $1,757 a month compared to 2020 at $1,437 a month.