The Rental Market is Shifting
There are several rental market trends that landlords should know about in 2022, according to Forbes and Apartmentguide:
Renter demand is changing
With more people working from home, tenants have more options of where to live. A growing number of renters are opting for areas where homes are larger and more affordable.
While expensive urban areas continue to suffer, small and mid-sized cities are seeing a boom in rental demand, with vacant homes rented within days of being listed and rents rising by double-digits in some smaller cities.
Rent inflation is here to stay until 2023
Apartmentguide reports that year-over-year rent prices are up by double digits across the country, and will likely stay that way over the next 2 years.
According to economists at the Federal Reserve Bank of Dallas, rent inflation is projected to increase to almost 7% by the end of 2023, the highest it’s been in more than 30 years.