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Wednesday, July 2, 2014

Rent Is On The Rise, In Spite Of Stagnant Income

A woman and child walk down a street in the Fort Greene neighborhood on February 27, 2014. Numerous Brooklyn neighborhoods, which were once considered dangerous and underdeveloped, have gone through transformations in recent years resulting in more affluent newcomers displacing long time residents. (Spencer Platt/Getty Images)

A woman and child walk down a street in the Fort Greene neighborhood on February 27, 2014. Numerous Brooklyn neighborhoods, which were once considered dangerous and underdeveloped, have gone through transformations in recent years resulting in more affluent newcomers displacing long time residents and causing rents to rise. (Spencer Platt/Getty Images)

A new report shows rents are up in cities and metro areas across the country, as demand for apartments continue to exceed supply.

The average monthly apartment rent for the year’s second quarter was $1,099, up from $1,064 at the same time last year. The quarterly report from Reis, the real estate research firm, revealed that this was the 18th consecutive quarter of rent increases.

This comes as median household income remains stagnant. Joe Weisenthal of Business Insider joins Here & Now’s Robin Young to discuss what’s driving these numbers and what we can look forward to in the future.

Guest


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  • AC

    i just recently made a comment about this in regards to needing deflation. investors went in cash-in-hand and they’ve inflated the market ridiculously. you CAN’T buy because it’s so overpriced, even run-down properties. now rents go up? not surprised, what choice do people have anyway….
    that argument is a lie. the old mortgage standard is 2.5x your income. i make a lot of money and can’t afford property that runs over $600k and needs another $100k in updates just to be habitable…..people in my industry got way more for their money 20-30 years ago compared to now….

  • Cacimo

    Weisenthal seems disconnected from the realities on the street. It is not that the economy is improving! Property taxes, insurance and heating costs have gone up dramatically. Landlords have no choice but to raise rents just to break even. Many commercial properties are vacant because the tenants just can not earn enough to pay the rents. There is nothing positive in this picture.

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Robin Young and Jeremy Hobson host Here & Now, a live two-hour production of NPR and WBUR Boston.

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