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Revealed – America's most competitive rental market

September 26,2023 | By ERICKSON J OCASIO

Its occupancy rate is 97.1% with 25 renters vying per vacant unit. Miami’s rental market continued to be the most competitive out of 139 markets in the US, as shown in a report by RentCafe.com. For every vacant unit in Miami, there were 25 prospective renters, it revealed. The Miami rental market also had a 97.1% occupancy rate with average vacant days for a unit standing at 30. It had a lease renewal rate of 73%. Milwaukee emerged as the second most competitive market during the peak rental season, which was a large jump from its previous seventh place. The average number of vacant days for a unit was the same as Miami and it had 16 prospective renters competing for every apartment. Elsewhere, Manhattan has joined the top 20 competitive rental markets for the first time in nearly two years. It had an occupancy rate of 94.7% while it had no newly opened apartments

Clarence Thomas in hot waters over alleged income from defunct real estate firm

April 18,2023 | By ERICKSON J OCASIO

He is in the spotlight for figures relating to a company that no longer exists. Supreme Court Justice Clarence Thomas is in the spotlight for allegedly reporting significant sums from a defunct real estate company, The Washington Post reported Monday. In his financial disclosure forms, Thomas reported that he received rental income of between $50,000 and $100,000 annually from a Nebraska real estate firm called Ginger, Ltd., Partnership. The firm, founded in 1982 by Ginni Thomas and her family, was dissolved in 2006. That year, a separate company, Ginger Holdings LLC, was created and took over the closed firm’s land leasing business, according to The Post, citing state incorporation and property records. However, Thomas has continued to report income from the defunct company. The Post acknowledged that the most recent misstatement might be a simple “paperwork

Clarence Thomas in hot waters over alleged income from defunct real estate firm

April 18,2023 | By ERICKSON J OCASIO

Americans need over 60 hours of work to afford rent - report

November 24,2022 | By ERICKSON J OCASIO

This reflects "the growing affordability hurdles renters face," says analyst. The average American would need to work around 63 hours to afford the typical monthly rent of $2,040, according to new analysis by Zillow. The report, penned by senior economist Jeff Tucker, revealed this is six hours more than what renters needed to work before the pandemic in October 2019. “These figures illustrate the growing affordability hurdles renters face, even amid what has been a strong labor market,” said Tucker, pointing to how rents have increased 36.9% over the last five years, while the average hourly wage grew only 23% during the same period. Sun Belt renters struggle the most with affordability Miami was found to have the biggest affordability hurdles for renters, with the average worker needing to work 96 hours to pay for rent. This is

Apartment market weakens as sales come to a standstill

November 1,2022 | By ERICKSON J OCASIO

Majority of respondents report lower rent growth in Q3. The multifamily market started to feel the sting of inflation in the third quarter as rent growth fell back to pre-pandemic levels. Apartment market conditions weakened in Q3 due to several factors (market tightness, sales volume, equity financing, debt financing, and indices), according to the National Multifamily Housing Council. Equity funding became less available in Q3. NMHC's Equity Financing Index registered a reading of 12, well below the breakeven level of 50 and marked the third straight quarter of decline. Its Debt Financing Index also continued to deteriorate, down to 5 in the third quarter. About 90% of respondents reported that conditions have worsened for debt financing. "The Fed's continued interest rate hikes have resulted in higher costs of both debt and equity and a higher degree

Triple blow for renters

October 12,2022 | By ERICKSON J OCASIO

Households also being squeezed out of home buying market as rates soar. Renters are facing a triple blow from increased rental prices, soaring inflation and the end of the national eviction ban, according to reports. Higher rental prices are expected to continue until next year, mostly due to the fact that demand for rental properties has soared, as many families have been edged out of the house buying market due to rising interest rates and property values. According to recent US Census Bureau figures, there are between 43 million and 44 million people who are renter occupiers, while renter-occupied units made up 30.9% of the inventory in the first quarter 2022. Last month, data released by CoreLogic showed that despite single-family rent increases leveling out for the third straight month in July, they were still 12.6% higher compared to the same period in 2021. Miami

Realtor.com reports double-digit rent price hike

September 17,2021 | By Erickson Ocasio

What are the implications for future homebuyers? Rental prices in the US saw double-digit growth for the first time in two years in August, as the rental market continues to recover from the setback caused by the pandemic. In August, the median rental price was $1,607 per month, an 11.5% spike from this time a year ago. The rent growth has now tripled since March 2020 (+3.2%) before the onset of the COVID-19 crisis, according to the latest Realtor.com rental report. “Put simply, August trends suggest rents are making up for lost time,” said Realtor.com chief economist Danielle Hale. “Rents remained low during some of the worst months of the pandemic, growing at a sub-2% pace from September 2020 to March 2021, which is also when for-sale home prices were growing by double-digits. Now we’ve reached a stage in the COVID recovery where people are ready to move, and

Revealed – America's most competitive rental market

Clarence Thomas in hot waters over alleged income from defunct real estate firm

Clarence Thomas in hot waters over alleged income from defunct real estate firm

Americans need over 60 hours of work to afford rent - report

Apartment market weakens as sales come to a standstill

Triple blow for renters

Realtor.com reports double-digit rent price hike

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