Last week we discussed how 2015 was very good for residential real estate, this week we’ll look at rentals and the title may give it away: rents were up!
Great news, of course, for landlords; for renters, not so much.
In fact, according to The Wall Street Journal, apartment rents increased at a faster rate – 4.6 percent – than at any time since 2007. To put this in context, over the last 15 years, rents have increased by an average of 2.7 percent annually.
And all of this added up to increasing concern about housing affordability for renters.