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Tag Archives: Rent prices

Asking Prices Rise in February; Inventory Falls

Asking home prices have risen 7.0 percent year-over-year since bottoming out last February, Trulia revealed in its February Price Monitor Report. At the same time, inventory fell 23 percent year-over-year in February, according to data provided from Department of Numbers. Inventory fell year-over-year in all of the 50-plus markets tracked, dropping more than 50 percent in several California metros.

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Risk of Default for Renters Down from Year Ago, Up Quarterly

Renters across the country are less likely to default compared to a year ago, but the risk of not fulfilling lease obligations has increased on a quarterly basis, according to CoreLogic’s SafeRent Renter Applicant Risk (RAR) index report. With an index value above 100 indicating less risk, CoreLogic's national index stood at 103 in the Q4 2012, up from 101 in Q4 2011, but down from 106 in Q3 2012.

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Freddie Mac: Rental Sector Shows Growth, but Lacks Affordability

In a blog post, a Freddie Mac executive revealed more than one-third of U.S. households are renters, the largest share since 1997, yet adequate, affordable rental housing is still out of reach for many. According to David Brickman, SVP of multifamily at Freddie Mac, the nation has seen 5.4 million new renter households between 2004 and 2011, and growth is expected to continue. At the same time, Brickman noted more than half of all renters in the country exhaust more than 30 percent of their income on housing.

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Report: Obstacles to Policies that Encourage Low-Priced Housing

Inclusionary housing policies--those which either require or encourage developers to provide low-priced housing within market-rate developments--have largely survived the recent housing downturn. However, several obstacles now stand in their way, preventing them from reaching their full effectiveness, according to a recent report from the Center for Housing Policy. Major hindrances to these policies include shifts in development pattern, new restrictions regarding rental housing, and rising homeowner association fees, among others.

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California Cities Post Highest Single-Family Rent Increases

California cities claimed seven spots on a top 10 list of cities experiencing the highest rental price increases for three-bedroom, single-family homes. RentRange observed changes in rent prices for three-bedroom, single-family homes located in cities with at least 25,000 residents. The data firm found the greatest growth in La Quinta, California, where rents increased 35.75 percent from December 2011 to December 2012.

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Survey: Consumers Maintain Positive View Toward Housing Market

In Fannie Mae's housing survey for January, consumers maintained their expectation for growth in home and rent prices and also expressed more optimism toward the economy. The January 2013 survey found 41 percent of consumers believe homes prices will rise in the next 12 months, down from 43 percent in December, but up from 30 percent a year ago. As prices continue to climb, more consumers also said now is a good time to sell. The percentage rose to 23 percent in January, up from 21 percent in December and 11 percent a year ago.

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Multifamily Sector to Remain Strong with a Few Hiccups in Some Markets

The recent housing crisis and the broader economic climate have led to a strong multifamily housing market nationwide. Marcus & Millichap's recently released National Apartment Report promises another year of expansion in the multifamily market as ""the alignment of powerful demographic and economic trends continues to fortify nationwide apartment performance."" The firm ranks 44 markets based on several forward-looking indicators. Nationally, the firm expects rents to increase between 4 and 5 percent this year as the national vacancy rate reaches 4.3 percent.

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Research Points to Strong Multifamily Sector This Year

The industry seems to agree the multifamily housing market is recovering well and will continue to show positive signs this year. Both Fannie Mae and the National Association of Home Builders report low vacancies and climbing rents for 2012 and anticipate a strong market in 2013. Fannie Mae expects asking rent prices to increase about 2.5 percent this year and expects vacancy rates to increase to about 6 percent, keeping in line with historical norms.

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Analytics Firm Expresses Skepticism Toward Home Price Recovery

As home prices continue to increase, spectators and analysts have concluded the housing market is now in recovery mode. But, one analytics firm has remained unconvinced and expects to see a trend where prices rise and fall periodically as investor demand waxes and wanes. ""Some commentators suggest that investor-driven home price appreciation could spur demand among housing consumers, which will in turn bring about a broad-based and sustainable recovery in the nation's housing markets,"" wrote Quinn W. Eddins, director of research at Radar Logic. ""Maybe, but we are skeptical of this theory.""

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Rents Continue to Rise, Albeit Slightly Slower

Rents continue to rise but at a slightly less accelerated pace, according to Carrolton, Texas-based RealPage, a software provider for rental communities. After rents for new leases rose 4.8 percent in 2011, rents rose 3 percent in 2012. While lower than the previous year's rate, the increase in 2012 remained above the average of 2.5 percent seen over the past 20 years. Apartment rents did experience some decline during the recession, falling 4 percent, but they have now been on the rise for three years, according to RealPage.

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