Knowledge is a very powerful tool in any business, however when managing property staying up to date in rental trends is essential is staying competitive and profitable. Therefore, below is the summary and key points of Octobers rental data from Rentonomics.
National rent index rose by .01 percent over the previous month despite that peak summer rental season is over.
Since July the rent index has remained flat and will likely drop over the coming months.
Rent growth is currently at 1.1% this year compared to 2.8% last year. Growth is currently lagging behind inflation.
Rents are up in 61 of the 100 largest cities (however, 59 of these cities saw rent decrease last month)
17 of the 100 largest cities have seen rent decline over the past year.
Orlando continues to be the city with the largest rental growth and Baltimore has experienced the largest decrease.
This rental report continues to support the trend that rental growth across the country continues to slow down. However, there are cities in the United States that will likely continue to see rental growth such as Orlando Florida. With rents slowing in many cities it is now more important than ever to work to cut costs and overhead by improving your property management system.
This post is provided by RISSOFT Residential and Commercial Property Management Software, specializing in innovative and cutting-edge property management software for all 50 states. Request a demo or contact us today to receive more information.
Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.