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Are rents really on the rise? A closer look at the national data

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A deeper look at rents across America

By looking at the rent data information as charted below, apartment rents are on their way up in the ten largest American cities by population (in order below starting with the largest), but not at skyrocketing rates as some analysts have inferred. Although there have been spikes over the last year, most (but not all) cities are seeing a slow rise in rental rates.

Interestingly, the volume of number of rentals in these cities is drastically higher in the two Texas cities than all others, with Houston currently showing 16,324 available rental listings and Dallas showing 14,235 whereas the next highest number is in New York City with only 7,335.

Pay close attention to the differences in unit types and how each varies in these cities, and note that despite spikes, there is a slow increase.

Average rental rates in New York City over the last 12 months

Current rental rates for available New York City listings
All Beds 1 Bed 2 Beds 3+ Beds
Median:
$3311
$3250
$4495
$5000
Average:
$3629
$3236
$4499
$5871
# of Listings:
7335
3928
1760
580

Average rental rates in Los Angeles over the last 12 months

Current rental rates for available Los Angeles listings
All Beds 1 Bed 2 Beds 3+ Beds
Median:
$2045
$1716
$2700
$3350
Average:
$2109
$1773
$2577
$3494
# of Listings:
2749
1174
1026
159

Average rental rates in Chicago over the last 12 months

Current rental rates for available Chicago listings
All Beds 1 Bed 2 Beds 3+ Beds
Median:
$1438
$1450
$1877
$1593
Average:
$1626
$1544
$1952
$1984
# of Listings:
4369
1955
1304
469

Average rental rates in Houston over the last 12 months

Current rental rates for available Houston listings
All Beds 1 Bed 2 Beds 3+ Beds
Median:
$1190
$1043
$1363
$1327
Average:
$1111
$919
$1241
$1494
# of Listings:
16324
7580
7064
1538

Average rental rates in Philadelphia over the last 12 months

Current rental rates for available Philadelphia listings
All Beds 1 Bed 2 Beds 3+ Beds
Median:
$1280
$1102
$1400
$2100
Average:
$1381
$1241
$1511
$2119
# of Listings:
1938
993
554
199

Avg. rental rates in Phoenix-Scottsdale over the last 12 months

Current rental rates for available Phoenix-Scottsdale listings
All Beds 1 Bed 2 Beds 3+ Beds
Median:
$837
$725
$875
$1175
Average:
$843
$724
$929
$1095
# of Listings:
3199
1310
1329
367

Average rental rates in San Antonio over the last 12 months

Current rental rates for available San Antonio listings
All Beds 1 Bed 2 Beds 3+ Beds
Median:
$850
$715
$899
$1296
Average:
$915
$760
$945
$1297
# of Listings:
4672
2016
1918
692

Average rental rates in San Diego over the last 12 months

Current rental rates for available San Diego listings
All Beds 1 Bed 2 Beds 3+ Beds
Median:
$1800
$1497
$1912
$2399
Average:
$1765
$1523
$1883
$2330
# of Listings:
2507
1010
1143
279

Average rental rates in Dallas over the last 12 months

Current rental rates for available Dallas listings
All Beds 1 Bed 2 Beds 3+ Beds
Median:
$1546
$1300
$1795
$2839
Average:
$1228
$985
$1394
$2065
# of Listings:
14235
7211
5662
1118

Average rental rates in San Jose over the last 12 months

Current rental rates for available San Jose listings
All Beds 1 Bed 2 Beds 3+ Beds
Median:
$1915
$1635
$2245
$2650
Average:
$2012
$1589
$2230
$3130
# of Listings:
1771
783
723
199

Next, we will take a look at how housing rents have changed over the last year and compare the two, given how different each sector is from each other.

Data source: RentBits.com.

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Austin

Austin tops the list of best places to buy a home

When looking to buy a home, taking the long view is important before making such a huge investment – where are the best places to make that commitment?

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Looking at the bigger picture

(REALUOSO.COM) – Let us first express that although we are completely biased about Texas (we’re headquartered here, I personally grew up here), the data is not – Texas is the best. That’s a scientific fact. There’s a running joke in Austin that if there is a list of “best places to [anything],” we’re on it, and the joke causes eye rolls instead of humility (we’re sore winners and sore losers in this town).

That said, SelfStorage.com dug into the data and determined that the top 12 places to buy a home are currently Texas and North Carolina (and Portland, I guess you’re okay too or whatever).

They examined the nerdiest of numbers from the compound annual growth rate in inflation-adjusted GDP to cost premium, affordability, taxes, job growth, and housing availability.

“Buying a house is a big decision and a big commitment,” the company notes. “Although U.S. home prices have risen in the long term, the last decade has shown that path is sometimes full of twists, turns, dizzying heights and steep, abrupt falls. Today, home prices are stabilizing and increasing in most areas of the U.S.”

Click here to continue reading the list of the 12 best places to buy a home…

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Housing News

Average age of houses on the rise, so is it now better or worse to buy new?

With aging housing in America, are first-time buyers better off buying new or existing homes? The average age of a home is rising, as is the price of new housing, so a shift could be upon us.

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aging housing inventory

The average home age is higher than ever

(REALUOSO.COM) – In a survey from the Department of Housing and Urban Development American Housing Survey (AHS), the median age of homes in the United States was 35 years old. In Texas, homes are a bit younger with the median age between 19 – 29 years. The northeast has the oldest homes, with the median age between 50 – 61 years. In 1985, the median age of a home was only 23 years.

With more houses around 40 years old, the National Association of Realtors asserts that homeowners will have to undertake remodeling and renovation projects before selling unless the home is sold as-is, in which case the buyer will be responsible to update their new residence. Even homeowners who aren’t selling will need to consider remodeling for structural and aesthetic reasons.

Prices of new homes on the rise

Newer homes cost more than they used to. The price differential between new homes and older homes has increased from 10 percent traditionally to around 37 percent in 2014. This is due to rising construction costs, scarcity of lots, and a low inventory of new homes that doesn’t meet the demand.

Click here to continue reading this story…

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Housing News

Are Realtors the real loser in the fight between Zillow Group and Move, Inc.?

The last year has been one of dramatic and rapid change in the real estate tech sector, but Realtors are vulnerable, and we’re worried.

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zillow move

zillow move

Why Realtors are vulnerable to these rapid changes

(REALUOSO.COM) – Corporate warfare demands headlines in every industry, but in the real estate tech sector, a storm has been brewing for years, which in the last year has come to a head. Zillow Group and Move, Inc. (which is owned by News Corp. and operates ListHub, Realtor.com, TopProducer, and other brands) have been competing for a decade now, and the race has appeared to be an aggressive yet polite boxing match. Last year, the gloves came off, and now, they’ve drawn swords and appear to want blood.

Note: We’ll let you decide which company plays which role in the image above.

So how then, does any of this make Realtors the victims of this sword fight? Let’s get everyone up to speed, and then we’ll discuss.

1. Zillow poaches top talent, Move/NAR sues

It all started last year when the gloves came off – Move’s Chief Strategy Officer (who was also Realtor.com’s President), Errol Samuelson jumped ship and joined Zillow on the same day he phoned in his resignation without notice. He left under questionable circumstances, which has led to a lengthy legal battle (wherein Move and NAR have sued Zillow and Samuelson over allegations of breach of contract, breach of fiduciary duty, and misappropriation of trade secrets), with the most recent motion being for contempt, which a judge granted to Move/NAR after the mysterious “Samuelson Memo” surfaced.

Salt was added to the wound when Move awarded Samuelson’s job to Move veteran, Curt Beardsley, who days after Samuelson left, also defected to Zillow. This too led to a lawsuit, with allegations including breach of contract, violation of corporations code, illegal dumping of stocks, and Move has sought restitution. These charges are extremely serious, but demanded slightly less attention than the ongoing lawsuit against Samuelson.

2. Two major media brands emerge

Last fall, the News Corp. acquisition of Move, Inc. was given the green light by the feds, and this month, Zillow finalized their acquisition of Trulia.

…Click here to continue reading this story…

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