Factoids

The Future of the Housing Industry: Median Monthly Gross Rental Rates 2010 to 2015 YTD

September 18, 2015  by in Current   

This is the sixth in a series of six Factoids exploring the future of the Housing Industry. The housing market has picked up steam over the last two years in terms of both existing home sales and new housing starts and a shift in the demographics of available homebuyers should spur more growth in the next 10 to 20 years.

Housing prices and apartment rental rates have been on a spiraling upward trend in many parts of the country. Housing prices (as shown in Factoid #5 of this series) are up 32% from 2009 to 2014.

The apartment market is being flooded with Millennials. The rapid jump in home prices over the past few years is adding to a rising rental market as many potential home buyers are turning to apartments and other rental housing. Monthly rent rates have increased from $1,042 in 2010 to $1,239 in 2015 year to date – a jump of 19 percent. Over the last five years, rates on rentals have increased an average of 3.5 percent a year.

^{Source: Zillow Real Estate Market Report, Zillow Rent Index (ZRI)}

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