Renting Population Drops as Prices Bump Up
Renting Population Drops as Prices Bump Up
For the first time since 2004, the renter population decreased, according to the Annual Rent Report from ABODO, an apartment listing service. Still, renters continue to outpace owners, according to the report.
There are about 43 million renters in the U.S., which is more than a third of U.S. households, according to a report from Harvard University’s Joint Center for Housing Studies.
Despite the decrease in renters in 2017, landlords continue to raise rent prices. The national median rent for a one-bedroom rose 2.4 percent in 2017 to $1,040. Rents for two-bedroom apartments rose 3 percent from January to December 2017 to $1,252.
Rent prices varied by region. Rents rose in 28 states last year as well as the District of Columbia; rents dropped in 21 states. South Dakota saw rental costs stay the same in 2017.
Source: “Report: America’s 2017 Rental Market in Review: Despite Renter Population Decrease, Prices Jumped 2.4%,” ABODO (Jan. 3, 2018)
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