Apartment rentes are soaring across the U.S.
ApartmentrentsaresoaringacrosstheU.S.,withSouthFloridainthelead.NewYorkisn’tfar
behind.
InMiami,WestPalmBeachandFortLauderdale,rentsjumped36%inOctoberfromayearearlier,whiletheNewYorkCitymetroarea-includingWestchesterCountyandpartsofnorthernNew
Jersey--posteda 31%gain,accordingtoareportbyRedfinCorp.
Theaveragemonthlygainincreasewas13%,thehighestgrowthrateinatleasttwoyears,Redfin
said.Seattle;Portland,Oregon;andAustin,Texas,werealsoamongmetroareasthatbeattheU.S.average.
“Skyrocketingrentsinsomeofthemostdesirablecitiessuggestthatthereisanoverallshortageofhomes,andnotjustofhomesforsale,”saidDarylFairweather,chiefeconomistatRedfin.
RentshavesurgedacrosstheU.S.thisyear,stokinginflationfears.They’vebeenrisingfastestinSunBeltcitiessuchasMiamiandAustin,wherejobsandrelativelylowcostshavepulledin
transplants.
ButNewYorkandothercoastalcitiesaremakingacomebackasmoreworkersreturntotheofficeandcollegesbringstudentsbacktocampus.
“Therecentincreaseindemandforrentalscomesfrompeoplewhowanttolockintheirleasenowbeforepricesriseevenfurtheroutofreach,”Fairweathersaid.
