Rental Rates Keep Rising
Posted by Ri Prasad on Sunday, September 4, 2022 at 7:17 AM
By Ri Prasad / September 4, 2022
Comment
Rental prices logged a new record in August. The median rent for a one-bedroom unit reached a record-high of $1,486, up 11.8% YoY. More than half of all major US cities have experienced double-digit rental rate growth in the past year. In New York City, rent has skyrocketed 39.9% since last August.
|
Here are the Top 10 most expensive cities in terms of average monthly rent for a one-bedroom:
|
|
Our take |
This just means more people–both current renters and investors–will be looking for properties in these markets. That’s two groups will be competing with eachother because in the long term, buying is better than renting. In most cases, it’s also the more economical choice in the short term!
WHO IS RI PRASAD LUXURY GROUP?
We are one of Chicago’s leading providers of comprehensive real estate services. We are home to an ever-growing team of savvy & reputable local realtors who are community leaders, and customer-service-oriented staff. Whether you’re looking to find a new home, sell your home, or invest in your future; let us be your trusted real estate advisors.
“Real Estate isn’t just a profession, it is truly a obsession” - Ri Prasad
Post a Comment