Investors may be hoping that's the case, which is one reason to justify the big stock market surge Thursday. If that's true, inflation pressures could finally start to subside more dramatically. “We expect rent growth to slow further into 2023 as Americans continue to hunker down and more new rentals hit the market,” Marr added. “The rental market is coming back down to earth because high rents and economic uncertainty have put an end to the pandemic moving frenzy of 20, when remote work fueled an enormous surge in housing demand,” said Redfin deputy chief economist Taylor Marr. The increase in owner's equivalent rent was the biggest since June 1990.īut a report from real estate brokerage firm Redfin ( RDFN), also released Thursday, showed that the median monthly rent nationwide fell 2.5% in September. The government said in the CPI report that both rent and owners' equivalent rent (which measures how much a homeowner estimates they could get if they rented their property) rose 0.8% from August. But there is some confusion about whether rent increases are finally peaking or not. So with rents rising dramatically over the past year (along with housing prices), it's no wonder that CPI numbers continue to come in higher than expected. Shelter costs make up a big chunk of the consumer price index. Residential apartment buildings are seen in New York City in July.
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