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Second Quarter Rents Continue Improvement Trend
During the second quarter of 2010, the average rent for an apartment in the United States increased by $27 to $1,087, an increase of 2.5%.
“We are seeing some encouraging signs in the overall national rental market,” says Rentjungle.com CEO Jon Pastor. “In the second quarter, rent nationwide was up by 2.5% when compared to the first quarter of 2010, which is the continuation of an improvement trend that started in January. Rent in Q4, 2009 was down by approximately 3% from the prior quarter, and during Q1 2010, rent was flat. So an increase of 2.5% in Q2, 2010 is significant.”
Two bedroom apartments saw the largest percentage increase in Q2, up 2% to $1,222 per month. One bedroom apartments were also in demand, up 1% to $970 per month.
Across all apartment sizes, San Diego, San Jose, Norfolk, Providence, Hartford and New Haven all saw rent increases above 4% in the second quarter. The majority of cities realized increases in the 1 to 3% range. Tampa, Tulsa, Hollywood and Indianapolis however, all saw decreases in excess of 1%.
“The rental market appears to have bottomed out in the last quarter of 2009,” said Rent Jungle co-founder Rick Ferris. “This is the first quarter that we have seen significant strength in the two bedroom market, indicating that larger apartments may be coming back in demand as the economy turns. It will be interesting to see if decreases in overall consumer confidence that were reported in June reverse this strong trend heading into the remainder of the summer.”
Rentjungle.com calculates these figures by analyzing over 1 million apartment ads a month. The goal of the site is to help users make more informed decisions.
Rentjungle.com is the most comprehensive rental listing site on the web. It works much like other search engines in that it scours the Internet to amass apartment listings from a variety of sites. Rentjungle.com employs innovative spidering technology that can detect both when new rentals come on the market and when rents for a particular property change. All of this data is analyzed and stored in order to keep users abreast of the latest happenings in the rental market. Trends can be tracked by city and by neighborhood, furthering the site’s value to users. Users can see searches on an easy, interactive map that links to satellite street views.
Nationwide Apartment Rents Show Improvement in First Quarter
During the first quarter of 2010, the average rent for an apartment in the United States has remained flat at $1,020 according to Rent Jungle, an apartment search and market research website.
Apartment Market Indices Show Continued Weakness
The National Association of Home Builders Multifamily Housing Market Index , released on 3/11/2010, continued to show weakening market conditions in Q4 2009.
- Apartment managers (by a 2 to 1 margin) see vacancy rates increasing
- Measures of interest from potential renters (calls and foot traffic) are also predicted by apartment managers to decrease
- The number of managers that feel rents will continue to decrease has held steady from Q3 2009 at slightly more than half of those surveyed
See full data table here.
Average Apartment Rents Decrease by 4% Nationwide
Over the last 6 months, the average rent for an apartment had decreased by $40 to an average of $961 per month, a decrease of ~4%.
Wichita, Indianapolis, Miami all saw rent increases above 2%. The majority of cities, however, are still flat or decreasing. Oklahoma City, New York, Albuquerque, Portland, Louisville, Los Angeles, Dallas, Phoenix, Denver, and Nashville all posted declines from 7% to 9%.
95 Percent of Renters Moving in 2010
According to a recent survey, over 95% of renters are planning on moving this year.This will be fantastic news for the apartment industry, if true. The survey also reinforced the importance as advertising online…as those who were moving indicated they would look there first for listings. Go to full article
more than 95% of renters said they are planning a move in 2010. Striking while their 2010 moving resolutions are hot, many renters are also moving earlier this year, searching for better deals and nicer apartments in great neighborhoods…
…nearly 60% of renter respondents moving this year said they are either paying the same or more in rent as last year. Renters are also factoring in how their new home will suit their needs and lifestyle. Some renters are looking for a more convenient commute to work, family and school while others want more space to start a family or to double up with roommates.
NAHB Multifamily Rent and Demand Index Shows Improvement
The National Association of Home Builders has released their quarterly index of apartment demand (both existing units and new constructions. New construction sentiments appear to be improving as well as future expectations for rental demand. Rent’s however are not showing improvement. From the article
“While the multifamily market indices measuring current rental demand were little changed on a year-over-year basis, indices measuring expected demand for apartments in the next six months rose for all types of apartments. For lower-end apartments, the future index increased to 43.9 in the third quarter of 2009, compared to 28.2 a year earlier.
Asking rents and effective rents (net of concessions), however, do not yet show progress. In the third quarter of 2009, the index measuring asking rents dropped from 50.8 a year earlier to 41.7, while the index that measures effective rents declined from 38.5 to 26.6.”
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Is Now a Good Time To Buy A House?
The WSJ put together a great Q&A on whether now is the right time to move from renting to buying. General gist is that renting is still a great deal due to the amount of incentives that are given today. From the article
“Generally, it doesn’t make sense to buy unless you expect to remain in the house for at least four or five years, because the transaction costs — including commissions for real estate agents and mortgage fees — are heavy.
But now is clearly a good time to rent. Many landlords need tenants badly. The national apartment-vacancy rate in the third quarter was 7.8%, the highest in 23 years, according to Reis Inc., a New York research firm. So landlords are cutting rents and offering such sweeteners as free flat-screen televisions or several months of free rent to retain or attract tenants”
Best Cities to Get Back on Your Feet – October, 2009
Losing a job and losing a home can be devastating. Unfortunately, this has been a tragic reality for many Americans. To help them out, Rentjungle.com has compiled a list of best cities for starting over. The survey measured such indicators as average rents and home values, median incomes and unemployment rates. Topping the list of best places to get back on your feet were Indianapolis, Pittsburgh and Oklahoma City. All three boast high income ranks (24, 33 and 40 respectively) and low rent ranks (6, 12 and 4). The worst cities for new beginnings were Los Angeles, Miami and New York. Income ranks for these three cities were 35, 44 and 30, but rent ranks were 41, 38 and 45. With this information in hand, Rentjungle.com hopes people can better decide if moving to a new city might be in order.
Best Cities to Rent vs Buy – September, 2009
Knowing whether to sign a lease or a stack of mortgage papers is not always clear. But Rentjungle.com is shedding light on the matter with a new guide to cities that compares renting versus buying by considering the combined cost of average mortgages, taxes and insurance and comparing those to average rents. Much of this data is drawn from the over 1 million apartment ads Rentjungle.com analyzes each month. As of September, the best places to dive into the home market were Houston and Cleveland. In these cities, buying is 52% and 40% cheaper than renting. In contrast, the housing markets in San Francisco and Seattle are so hot that in the former it’s 54% cheaper to rent and in the latter it’s 49%.
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