Rental Market Remains Brutal Nationwide, Cools In Some Large Cities | Eastern North Carolina Now | Rental costs are continuing to rise across the United States, with some large cities posting decreases in median one-bedroom rent.

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    Publisher's Note: This post appears here courtesy of the The Daily Wire. The author of this post is Ben Zeisloft.

    Rental costs are continuing to rise across the United States, with some large cities posting decreases in median one-bedroom rent.

    According to a report released on Tuesday by rental platform Zumper, national one-bedroom rent reached $1,503 in September - a figure that reached its ninth high for the ninth consecutive month. Rent is now $1,845 for two-bedroom apartments, indicating another all-time high. However, some metropolitan areas - such as San Jose, California; Miami, Florida; and Nashville, Tennessee - saw moderate month-over-month decreases in average one-bedroom rent.

    "The rental market has been very supply constrained for the past five quarters, but there has been a significant shift back towards equilibrium in the past quarter," Zumper CEO Anthemos Georgiades explained in a press release provided to The Daily Wire. "Occupancy rates and the pace of rent increases are now falling in many major metros, as renter demand softens and fear of recession kicks in, with many renters deciding to stay put or trade down on the most expensive options."

    Meanwhile, cities such as San Francisco, California; Boston, Massachusetts; and Anaheim, California, continued to see rising month-over-month prices for one-bedroom apartments.

    The most expensive city in the nation for renters is New York City, where residents pay an average of $3,950 for a one-bedroom unit - a rate that has increased nearly 34% over the past year. The Big Apple is followed by San Francisco and Boston, where rent is $3,100 and $2,890, respectively.

    According to Zumper, many metropolitan areas are contending with low availability of housing units. In Seattle, Washington, a competitive housing market is driving would-be homebuyers to search for apartments, prompting the city council to unanimously greenlight a special election that will determine whether officials should create more affordable housing.

    Last week, the Federal Reserve raised the target federal funds rate 0.75% - a move which followed two identical hikes in June and July - in an attempt to relieve elevated inflationary pressures. The actions have contributed to mortgage rates surpassing 6%, according to data from government-backed mortgage company Freddie Mac.

    "Impacted by higher rates, house prices are softening, and home sales have decreased," Freddie Mac Chief Economist Sam Khater said in a press release. "However, the number of homes for sale remains well below normal levels."

    In the second quarter of 2022, the median sale price of a home in the United States was $440,300, according to data from the Department of Housing and Urban Development, marking a 36% rise from $322,600 in the second quarter of 2020. Home prices are expected to increase another 4% in 2023 - a relative slowdown from 17.8% in 2021 and 12.8% in 2022.

    The high prices have produced a slowdown in home purchases, with the National Association of Home Builders' Housing Market Index falling last month to its lowest level in the past two years.

    Younger American renters have been particularly impacted by the tight real estate market. An analysis from Filterbuy showed that at least half of Millennials, defined by the company as those between 24 and 39 years old, cannot afford a one-bedroom apartment in many major American cities. For the area surrounding Los Angeles, California, median wages are $36,649, while the annual wage required to affordably rent a one-bedroom apartment is $72,560.

poll#162
In what may be the most divisive period in modern American History, even more divisive than the turbulent sixties due to today's lack of patriotism, consider what are the major catalysts causing so much of this calamity of conflict, and vote: What most instigates the division of America, on this day September 20, 2022?
  Racism within our society
  Sex realignment to the detriment of our society.
  Biden /Harris Wide Open Southern Border Policy for the Demographic Upheaval of OUR Constitutional Republic
  Rampant Crime in Democratic controlled cities, and the possible contagion elsewhere
  Covid Pandemic, and its mishandling at the political, and bureaucratic levels.
  The unresolved questions /allegation regarding the flawed 2020 General Election
  January 6th Riot or "Armed Insurrection", depending upon patriotic perspective
  Joe Biden as Divisive Leader; Ineffective and Corrupt Executive
  Failed Education Industry, from an overall perspective, regarding all levels of education.
  Propagandistic Media in complete conflict with the First Amendment's guarantee of Freedom of Speech, and the awesome responsibility of a Free Press..
  "Orangeman Bad!"
  Bureaucracy rushing to a behemoth size, its unjustified expense, and far too often overreach.
  The Weaponized Deep State for political purposes
  A secular ambivalence to all that is real.
  Record number of overdose deaths from opioids and now Fentanyl
  Biden Administration's disastrous Foreign Policy
  Bidenflation /supply chain failure inevitably evolving into stagflation and recession.
  "Ultra MAGA Extremists" freely speaking louder AND LOUDER!
702 total vote(s)     What's your Opinion?


poll#154
Inarguably, the policies of the Democrats in congress and Joe Biden as the Executive is plunging the United States into a recession, if we are not already there; a recession that was completely avoidable. Will abrupt changes in policies occur in time?
  Yes, the Democrats have a bold plan, yet to be revealed, to save us.
  No, there will have to be a complete undoing of the damage done by these Democrats.
  I can't do simple math, so how am I to understand the concept of basic economics.
1,182 total vote(s)     What's your Opinion?

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