{"id":2967,"date":"2017-04-04T00:00:00","date_gmt":"2017-04-04T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/have-rents-finally-hit-the-peak\/"},"modified":"2017-04-04T00:00:00","modified_gmt":"2017-04-04T00:00:00","slug":"have-rents-finally-hit-the-peak","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/have-rents-finally-hit-the-peak\/","title":{"rendered":"Have Rents Finally Hit the Peak?"},"content":{"rendered":"

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<\/p>\n

The pace of rising rents is slowing in many of the priciest markets and is now spreading to other parts of the country. That\u2019s good news for renters, especially those who are looking to save more to buy a house<\/a> one day.<\/p>\n

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Read more<\/strong>: Where Investors Are Upping Rental Costs<\/span><\/p>\n<\/blockquote>\n

Rents nudged up by 0.4 percent from February to March, according to data from Apartment List. Data from Abodo shows rents increased only 0.2 percent on one-bedroom apartments from March to April.<\/p>\n

\u201cThere\u2019s a large number of new apartment buildings and units which are now available,\u201d says Sam Radbil, spokesman for Abodo. The added inventory \u201cmeans prices are going to come down.\u201d<\/p>\n

There were about 285,000 more rental units available in 2016 than 2015.<\/p>\n

\u201cOftentimes, trends like rent price decreases start on the coast or in the large markets, and those tend to trickle down,\u201d Radbil says.<\/p>\n

Rents in Silicon Valley\u2019s San Jose, San Francisco, and New York are cooling slightly. Lower rents are now also being seen in the many Midwest and Rust Belt areas, notably Des Moines, Cleveland, and Kansas City, Kan.<\/p>\n

In some high-priced markets, renters appear to be hitting the limit of what they\u2019re willing to pay. Real estate<\/a> pro Shahida Menjabeen with Keller Williams Bay Area Estates in Los Gatos, Calif., says more renters are becoming buyers or moving farther away from the priciest hubs to escape the higher rental costs.<\/p>\n

\u201cTwo or three years ago, people were willing to pay anything to get into an apartment because there were a limited number,\u201d Menjabeen says. \u201cWe already hit the threshold of what people are willing to pay for rents.\u201d<\/p>\n

For example, renters are moving from places like San Francisco and heading to Stockton, Calif., about 80 miles away. Median prices have risen in Stockton about 12.5 percent over the past year on two-bedroom apartments, according to Apartment List. Still, a median $1,000, two-bedroom apartment is still less than a quarter of what it would cost in San Francisco.<\/p>\n

Also, more renters are leaving Seattle and heading to Tacoma, Wash., about an hour away, to find median rents about $1,000 cheaper. They\u2019re also heading away from Dallas to Arlington, Texas, about 30 minutes away, where rent is about $750 less, according to Apartment List.<\/p>\n

Source: \u201cIs the Rent Too High? Renters May Be in Luck in These Cities,\u201d realtor<\/a>.com\u00ae (April 3, 2017)<\/em><\/p>\n<\/div>\n

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The pace of rising rents is slowing in many of the priciest markets and is now … Have Rents Finally Hit the Peak?<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":2968,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[981,1403,63,617,41,818,678],"class_list":["post-2967","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-a-house","tag-buy","tag-for-rent","tag-house","tag-property","tag-real","tag-rental"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/04\/p99eYM2QkE4","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":3367,"url":"https:\/\/amazingproperty.com.ng\/blog\/10-markets-where-rents-are-cooling-the-most\/","url_meta":{"origin":2967,"position":0},"title":"10 Markets Where Rents Are Cooling the Most","author":"Amazing Property","date":"April 13, 2017","format":false,"excerpt":"Some of the hottest rental markets in the country may have finally hit their peak. For example, markets like San Francisco and Manhattan are posting some of the highest year-over-year drops in average rents by 4.3 percent and 2.2 percent, respectively. Read more: Renters Are Starting to Feel Richer, But...\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6695,"url":"https:\/\/amazingproperty.com.ng\/blog\/how-much-amazons-hq2-will-drive-up-rents\/","url_meta":{"origin":2967,"position":1},"title":"How Much Amazon\u2019s HQ2 Will Drive Up Rents","author":"Amazing Property","date":"October 20, 2017","format":false,"excerpt":"About 100 cities across the country have submitted their final bids to be the home of\u00a0Amazon\u2019s second headquarters, known as HQ2, as municipal leaders argued for why their community is the best pick. 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