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Housing


UNITED STATES: Average family home rents increase almost 3% at the end of 2017

The average rent for family homes in the United States has increased by almost 3% at the end of 2017. San Diego experienced the highest growth with an increase of 5.7%, while in Honolulu rents decreased by 2%.

Another notable result is Houston, after Hurricane Harvey, the year on year rent decrease stopped last year in October after 17 months of declines. In December 2017, the rents even increased by 2.8%, up 4.6% from December 2016.

It is said that metropolitan areas with strong local economies attract new employees, but with limited construction of new homes, tend to experience a low rental vacancy and, at the same time, a stronger rent growth.

Seattle experienced a rental vacancy rate of 3.4% with a 4.3% year on year rent growth in the last quarter on 2017, driven by employment growth of 3.1%. This was more than double the national growth of 1.5%.

 

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