Rents are starting to come down after spiking to record levels this past summer, but experts are uncertain if the slowdown will continue.
Christopher Mayer, professor of real estate at Columbia Business School, said people looking for an apartment now might have a better experience than they did in May or June.The national median asking rent was up 14% in July over July the previous year, the smallest annual increase since November 2021, according to a new report fromExperts say the market could slow further toward the end of the year, but there’s still a lot of uncertainty.
In Rochester, New York, rent was up 15.3% in August over the same month the previous year, according to data from Apartment List. An average two-bedroom apartment in the Rochester area was $1,318 in August, compared with $1,116 a year ago.Bank of America CEO Brian Moynihan said high rents are a concern because they can account for a big chunk of a household’s take-home pay.
If your lease is up, staying put and negotiating with your landlord might be a better option than trying to move, at least until the rental market slows down further, said Paula Munger, assistant vice president for industry research and analysis at the National Apartment Association.“When you renew your lease, you’re definitely not paying the same as someone new moving in,” Munger said. “If you can, stay in your apartment.
“With inflation now all throughout the market, there’s not enough supply so the prices are going up,” Munger said. “That’s the downside for people, just not having enough options and choices for what they would like in a housing unit.”
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
New York City Fashion Boutique Renaissance Gains a New Member in BrooklynMargaret Austin, a former buyer for Opening Ceremony and Totokaelo, has teamed with two childhood friends on Outline, a new multibrand boutique in Boerum Hill, Brooklyn.
Baca lebih lajut »
John Darnielle Is Listening: New Album, New Book, New ThoughtsA long and candid chat with the Mountain Goats’ frontman, on everything from the new album to TikTok.
Baca lebih lajut »
DirecTV Stream free trial: Here’s what comes with the streaming platform | Yankees, Mets, Devils games, ESPN, MLB Network, moreDirecTV Stream may be the perfect streaming service for sports fans since it offers streaming home of the New York Yankees, New York Mets and New Jersey Devils
Baca lebih lajut »
Why Mega-Brands Like Tommy Hilfiger and Puma Are Back at New York Fashion Week'This season is all about the collision of my favorite archival inspirations with new live event concepts and virtual worlds. It’s the perfect expression of what we stand for as we pay homage to our roots with a return to NYFW,' Tommy Hilfiger said.
Baca lebih lajut »
Rabbi Yehuda Weinstock killed in wrong-way crash on New York State ThruwayDeadly crash: Police say Rabbi Yehuda Weinstock was killed by a wrong-way driver overnight on the New York State Thruway.
Baca lebih lajut »