Rent Growth Is Slowing, But Only For Higher-Priced Properties

Rent growth decelerated for the fifth straight month, but renters in lower-priced units are still feeling the squeeze as homeownership remains out of reach for most Americans. Single-family rents increased only 10.2% YOY in September, down from 13.9% in April 2022, according to recent data from CoreLogic. This is still double the pre-pandemic growth rate, but moving in the right direction. “High mortgage interest rates may be causing potential homebuyers to hit pause and remain renters, keeping pressure on rent prices. However, the monthly rent change was negative in September, resuming the typical seasonal pattern for the first time since 2019, which could signal the beginning of rent price growth normalization,” said Molly Boesel, principal economist at CoreLogic. Declining rents…

Finding A Place For Fido: Creating More Pet-Friendly Rental Options

By KIMBERLEY HAAS As pet owners think about what their next move will be if they have to sell their homes due to the economic backlash of the pandemic, some organizations are advocating for increasing options for renters with dogs and cats. According to The American Society for the Prevention of Cruelty to Animals, a survey of 5,020 people shows that during March of 2020 and May of 2021 a total of 19% of respondents said they had acquired a dog or cat during the COVID-19 pandemic. That’s works out to an approximated 23 million American households who adopted a pet during those 14 months. When the pet owners were asked what their top concerns were as COVID restrictions lift,…

Renters Were 3X More Likely To Miss Payments Than Homeowners In September, October

Renters were three times more likely to miss payments than homeowners during September and October, according to research from the Mortgage Bankers Association’s (MBA) Research Institute for Housing American (RIHA). The study, titled Housing-Related Financial Distress During the Pandemic, found that the share of renters who missed, delayed, or made a reduced payment rose to 9.6% in September and 10.9% in October. In July, that number was 9.6%.  The share of homeowners who missed payments declined in the same period, to 3.2% in September, though it rose again in October to 3.8%. In July, that number was 3.8%, while in June it was 4.6%. Of those who missed their June rent, 17.2% also missed their September rent. Of homeowners who…