A survey of U.S. renters reveals a number of key insights into both the typical renter’s current living situation as well as their aspirations and levels of satisfaction on various topics.
One in five people (21% of those surveyed) do not plan to purchase a home in the future. While the vast majority of respondents currently rent their home, only 79% of all respondents want to buy in the future. This is a significant difference from last year’s survey results, where 90% of respondents reported they planned to buy a home in the future, and just 10% did not.
Researchers at the University of California in Los Angeles (UCLA) examined rents and home prices in the 100 largest metro areas in the U.S. between 2012 and 2016. They found that a 10% increase in Airbnb listings leads to a 0.39% increase in rents and a 0.64% increase in house prices. By comparison, Admiral Realty average rent increase over the entire duration of a resident's occupancy is only 2% (on average). Rent control rent increase is about 5%. Admiral Realty strictly forbids room share hosting due to liability reasons and safety concerns from unknown non-qualified occupants. However, this UCLA report suggests that apartment tenants who do engage in such activity are not only risking automatic eviction for breach of contract, but they are also cannibalizing their own homes by raising rents and pricing themselves out of the apartment building and neighborhood.
“That may sound minuscule, but between 2012 and 2016, rents rose by about 2.2% annually [on average in the 100 areas], so a 0.39% increase in that context isn’t very small at all,” says Edward Kung, an assistant professor of economics at the University of California Los Angeles and one of the study’s authors. The same is true for home prices, which rose by an average of about 4.8% annually in the 100 areas, he adds.
Los Angeles has a lower rate of eviction than Las Vegas and Atlanta. A recent report from rental-listings site Apartment List found that locales with higher rents, like New York, Los Angeles and the Silicon Valley area, have among the lowest eviction rates in the country. Some of the highest rates were found in more modestly priced spots like Memphis and Las Vegas, according to survey data the company collected from 8 million users over the last three years.
1 bedroom and 2 bedroom statistics for every city nationwide shown below:
SOURCE: Business Insider
Living in an apartment? Expect your rent to go up again.
Renting has gotten increasingly expensive over the last five years. The average U.S. rent has climbed 14 percent to $1,124 since 2010, according to commercial property tracker Reis Inc. That's four percentage points faster than inflation, and more than double the rise in U.S. home prices over the same period.
Now, despite a surge in apartment construction, rents are projected to rise yet another 3.3 percent this year, to an average $1,161, according to Reis. While that's slower than last year's 3.6 percent increase, the broader upward trend isn't going away.