Markets & EconomyRentals

Rents are skyrocketing — with no sign of slowing down

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Are you set up for success in 2016? Join 2,500 real estate industry leaders Aug. 4-7, 2015, at Inman Connect in San Francisco. Get Connected with the people and ideas that will inspire you and take your business to new heights. Register today and save $100 with code Readers. Takeaways: U.S. rents increased $5 from June to a new record of $1,155 in July. Western markets, particularly those fueled by the tech industry, stood out among the rest for growth. Only three cities in the top 30 markets posted below the national long-term average of 2.8 percent growth. Rental prices throughout the nation rose 6.5 percent year over year in July to $1,155, which is $5 more than June, according to Yardi's Matrix Monthly report for July 2015. The record high price for rent was an increase of 20 basis points over the previous month, showing that the rental market doesn't seem to be cooling off anytime soon. The survey by Yardi Matrix covered 101 markets. Looking at the top 30 met...