It won’t come as a great surprise but rents nationwide continue to rise. According to a report from Zillow, renters paid an increase of nearly 5% in 2014 over 2013. This came to an average of $26 per month for a total of $312 over the course of the year.
Using another perspective, rents have increased at twice the rate of income. Reasons include slow income growth and a rise in rental demand couple with slow growth in rental housing.
Prognosis for the future? It’s Economics 101: supply and demand. With high demand and low supply, rents will only continue to rise.