The latest economic and policy trends facing mortgage servicers

Join this webinar for an in-depth roundtable discussion on economic and policy trends impacting servicers as well as a look ahead at strategies servicers should employ in the next year.

2021 RealTrends Brokerage Compensation Report

For the study, RealTrends surveyed all the firms on the 2021 RealTrends 500 and Nation’s Best rankings, asking for annual compensation data for the 2020 calendar year.

Zillow analyst on whether home prices can keep climbing

Today’s episode of HousingWire Daily features an interview with Nicole Bachaud, as she discusses annual and monthly home price appreciation growth, rising inventory levels and rent prices.

Lenders, it’s time to consider offering non-QM products

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Real Estate

Here's where rent prices surged – and where they didn't – in 2019

Nationally, cost of rent went up 4.1% for one-bedroom units

As 2019 saw historically low vacancy rates among multifamily housing, it also led to a rising cost of rent, too.

According to realtor.com, a report from Abodo said rental prices went up in 38 states, including Washington, D.C., in 2019. In the other 12 states, the cost of rent actually fell, but only slightly.

Nationally, median rents for one-bedroom units went up 4.1%, making monthly rent $1,078 at the end of 2019.

Prices for two-bedroom units went up 5.5%, making monthly rent $1,343.

In 2019, multifamily occupancy rates reached as high as 96.3%. The demand of multifamily housing keeps rising, as home prices are also continuing to climb.

According to realtor.com, rental prices surged the most in Utah. There, rent went up 3.78% in 2019, reaching $965 for a one-bedroom unit.

“In states like Utah, people are relocating for jobs,” Abodo said in its report. “Many folks are coming from California and other high-priced hubs. People need to find places where they can live and afford to live a lifestyle that they want.”

Renting cost the most in Massachusetts, where the average one-bedroom unit cost $2,218 a month.

Renting surged the most in Detroit, where cost of renting a one-bedroom went up 7.48%, making rent $886 a month.

“They’re seeing a housing boom,” Abodo continued. “There are more people moving there, which increases the demand for housing as the city begins to come back. New construction has actually started there, which is obviously going to cost more.”

The highest rents in the nation were, at no surprise, San Francisco and New York City. On average, renting a one-bedroom unit was $3,877 and $3,082 a month, respectively.

Renters in Montana saw the biggest price cuts in 2019. Rents fell 1.6%, to an average $745 a month for a one-bedroom unit.

Average prices fell the most in Dayton, Ohio, in 2019, falling 4.11%. This made renting a one-bedroom unit $758 a month. Toldeo, Ohio also had the best deal, where rents were just $517 a month for a one-bedroom unit.

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