The booming U.S. housing market has spilled over to the rental market, which has seen demand for apartment and single-family rentals skyrocket this year, as high sales prices and an inadequate supply of available housing have forced many prospective buyers to rent for the foreseeable future.
Increased demand for housing, along with an improving economy, has competition for rental units soaring, and landlords are taking note, with the national median rent increasing 11.4% in 2021 so far, according to Apartment List.
New listings increased 18.4 percent for Single Family homes and 14.3 Percent for Townhouse-Condo homes. Pending Sales increased 8.1 percent for Single Family homes and 37.9 percent for Townhouse-Condo homes. Inventory decreased 11.1 percent for Single Family homes and 37.7 percent for Townhouse-Condo homes.
Month’s Supply of Inventory decreased 23.5 percent for Single Family homes and 46.4 percent for Townhouse-Condo homes.
Median Sales Price increased 4.8 percent to $220,000 for Single Family homes but decreased 5.3 percent to $133,000 for Townhouse-Condo homes.
Days on Market decreased 56.8 percent for Single Family homes but increased 30.8 percent for Townhouse-Condo homes.
If you are wondering how current national and global situations might be impacting your property’s value, your neighborhood, or the Real Estate market in general, we are happy to provide more specific information.
If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
