Reis in the News
By Laura Kusisto
Source: The Wall Street Journal – Landlords Boosted Rents Last Year, but Tenants May Soon Have the Edge
Landlords are expected to have a tough time raising rents this year as a crush of new apartments hits the market, ending a brief reprieve when the market picked up late last year.
A strong jobs backdrop and sluggish home sales led to a pickup in rental growth during the third and fourth quarter. The stronger second half helped stabilize the rental market after a couple of years of slowing growth and generous concessions to tenants.
“The fact that everyone was hesitant about the housing market was good for the apartment market,” said Barbara Byrne Denham, senior economist at Reis Inc.
Reis’s data similarly showed slight strengthening in the market, with rents growing 4.6% in 2018 as opposed to 4% in 2017. The vacancy rate remained unchanged in the fourth quarter compared with the third, according to Reis.