Rising prices at gas pumps and grocery store checkouts remind us that inflation is at an all-time high. Now those skyrocketing prices have hit home and apartment rental properties.
If you are currently renting or looking to rent, be prepared to pay significantly more than in the past.
According to CoreLogic, a recent real estate news study, U.S. single-family home rent growth rose 11.5% in November 2021, the fastest year-over-year increase in more than 16, with increases expected to continue through 2022.
“The study measured changes in rents among single-family rental homes, including condominiums, using repeat rent analysis to measure the same rental properties over time. The November 2021 increase was more than three times that of November 2020, and although index growth slowed in the summer of 2020, rental growth returned to its pre-pandemic pace in October 2020.” A version of CoreLogic said.
According to Freddie Mac’s Multifamily Outlook report, annual rent growth is expected to be 3.6% in 2022, with rising rents expected in all major US housing markets.
According to Freddie Mac’s report, at the start of the pandemic, many residents left expensive, densely populated urban downtowns for less expense and less dense suburbs. This demand for lower cost living continues to drive demand for rental properties across the country.
On Wednesday, February 9, Apartment Finder was showing apartments in Farmville ranging from $900 to $3,607 per month for one unit.
Home rental rates ranged from $850 to $1,200 per month for a three bedroom.
Statewide Rent.com reports that the average rent for a three-bedroom home in 2021 was $1,757 per month compared to 2020 at $1,437 per month.