- Renters believe it’s a good time to buy, but are unable to save because of rent growth and high home prices outpacing income.
According to the RealPage Q3 supply and demand report, the national average rent has increased by 0.9 percent month-over-month and 2.6 percent year-over-year, bringing the average rent to $1,316.
Sacramento remained the rent growth leader in Q3 with 6.9 percent annual growth, followed by Las Vegas with a 5.8 percent year-over-year hike.
Meanwhile, cities such as Atlanta (3.5 percent); Dallas (2.8 percent); and Charlotte, North Carolina (2.5 percent); which are usually rent growth leaders, are absent from the Q3 list thanks to increased rental construction.
Apartment occupancy is at a robust 95.5 percent. Even in markets with the highest rent growth, such as Sacramento and Minneapolis, rental occupancy rates are at 97.0 – 97.9 percent, but overall rates are expected to slide at…