Rents Are Up More Than 10% in the Past Year
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Here's your Money Briefing for Tuesday, August 3rd. I'm J.R. Whelan for The Wall Street Journal. These are uncertain times for apartment renters. The federal eviction moratorium that kept many cash-strapped people in their homes during the pandemic expired over the weekend. And for those who have been able to make their monthly payments, they face rent prices that have risen more than 10% in the past year.
Many landlords will continue to work with tenants, but there's no law that's really creating a situation where they have to do things like that.
Coming up, we'll talk with our housing reporter, Will Parker, about what's driving rents higher, and we'll get an update on efforts to extend the eviction moratorium. That's after the break.
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Take a close look at your next rent bill.
What are the current headlines about rising rents and the expired eviction moratorium?
After the apartment rental market was hobbled by the pandemic, median rents are now more than 10% higher than a year ago, according to the HomeSearch website apartment list. So what does that mean for renters who are still struggling financially? Our housing reporter Will Parker has been following the rental market, and he's here with an update. Will, thanks for being with us.
Thanks for having me.
So Will, we saw rents decline by, in some cases, double-digit percentages during the pandemic. What's turning that around?
So there are a few things that are going in the favor of landlords right now. One is that there have been places where more jobs are being created, where younger people are going back to cities to rent apartments, especially those who had gone home to live with parents. And you have a for sale housing market that is still on fire around most of the country. And for people who have higher incomes that would usually buy, a lot of them are having to rent. So these are some of the factors that are really helping to push rents higher right now.
And we keep hearing that people are moving out of cities in search of more space in suburban areas. Is that still having an effect on the rental business?
Yeah, so during the pandemic, especially early on when there was little investment activity in the apartment business, one area that you did still see a lot of interest was in suburban areas and the idea that these areas outside of cities were becoming more popular with those leaving urban areas during the pandemic. And as well as smaller cities, especially places in the south and southwest that we're seeing a lot of interest in apartments there, that's still happening. There's a question of how long the trend of money moving, investment moving to buildings and suburbs and the Sun Belt will keep going. But for now, that's certainly one of the major trends.
Now, during the down market, some landlords started offering so-called sweeteners to potential renters. Is that still happening?
It's happening less and less, especially in large coastal cities where these deal sweeteners were the most common. So, you know, it wasn't that long ago, earlier this year, you were still seeing in New York at, you know, fancy higher end rental buildings, things like three months free of rent.
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