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Hillsborough and Pasco County Real Estate | www.teambohannon.com

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Rents Skyrocket at Highest Rate in almost a Decade

July 20, 2016 by Team Bohannon

Rent Set to Exceed $535 Billion Paid Last Year | Simplifying The Market

The Consumer Price Index (CPI) was released by the Labor Department last week. An analysis by Market Watch revealed the cost of rent was 3.8% higher than a year ago for the second straight month in June. That’s the strongest yearly price gain since 2007.

This coincides with a report released earlier this month in which AxioMetrics announced that rents are continuing to increase in 2016. The report revealed:

  • There was a 3.7% increase in effective rents in the second quarter of 2016 as compared to the same period last year.
  • That the effective rent growth this quarter compared to last quarter was 2.3%.
  • Annual effective rent growth was positive in 49 of the top 50 markets, based on number of units. Only Houston was negative, at -1.4%, as the fallout from energy-industry job losses and excess construction continues.

Here is a graph to illustrate the rate of increase over the last several years:

Rent Set to Exceed $535 Billion Paid Last Year | Simplifying The Market

Bottom Line

With rents continuing to rise and mortgage interest rates still at historic lows, let’s meet up today to determine if you could turn your monthly rental cost into a home of your own.

Posted in: First Time Home Buyers, For Buyers

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Team Bohannon

Ranked #1 Realtor in Tampa by U.S. News and World Report.

Doug, Annette & Dale Bohannon

Team Bohannon Real Estate Experts

Keller Williams Tampa Properties
Tampa, Florida

(813) 979-4963

If you're looking for a trusted partner who exceeds expectations, reduces stress, fulfills promises, and is on top of all the details, consider Tampa's Top Real Estate Team: Doug, Annette and Dale Bohannon when buying or selling your home, call us today at 813-979-4963

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Keller Williams Tampa Properties
3902 Flatiron Loop, Ste 102,
Wesley Chapel, FL 33544
Phone: (813) 979-4963
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