The U.S. apartment vacancy rate increased marginally in the fourth quarter from the third as supply exceeded 
demand. Asking rents edged higher by 0.4%, while the national apartment vacancy rate rose slightly to 4.5% from 4.4%.
demand. Asking rents edged higher by 0.4%, while the national apartment vacancy rate rose slightly to 4.5% from 4.4%.– Renters paid a record high $485.6 billion in 2017, a $4.9 billion increase from 2016
– Renters in New York and Los Angeles spent the most on rent over the past year
– Rents increase by nearly 4% Y-O-Y
– Vacancy rates increased in 50 of 79 metros, with New York City hitting a vacancy rate of 5.1%
According to a study conducted by HomeUnion, New Jersey boasts one of the most prospering and expensive rental markets in the nation – as one of the best places to invest in a home – whether for residing or as a real estate investment. New Jersey’s average rent exceeding $1,300 each month is the result of a good educational system, access to rail, road and airports as well as its ideal proximity to New York City and the I-95 corridor.
New Jersey’s rental market is the sixth highest rent in the nation, with only Hawaii, Washington, D.C., California, New York and Maryland coming in ahead of it.
San Francisco rents are so high that renters collectively paid $616 million more in rent than Chicago renters did, despite there being 467,000 fewer renters in San Francisco than in Chicago.
Las Vegas, Minneapolis and Charlotte, N.C. had the largest gains in the total amount of rent paid, with each increasing by more than 7% since 2016.
As reported, the economy grew at an annualized rate of 3.3% in the third quarter of 2017, representing the highest level reached since 2014.
In light of the two consecutive quarters of 3% growth, it is not expected that interest rate hikes will dramatically impact this trend. This strong economic growth, reflected in retail spending on Black Friday and Cyber Monday, confirms the strength of this economy. Estimates point to retail sales jumping 17% year-over-year to $6.6 billion. Compounding this, consumer sentiment is at the highest level since 2004 according the University of Michigan’s index.
The single-family rental home investors look upon this particular economic environment as a healthy sign that rent hikes are likely. Potential real estate investors believe that there are still property acquisitions that make economic sense which will offer attractive yields.