January 2015 Rents up all across the US
The Rental trend remained bullish in January 2015 with rents inching up in most metropolitan areas of the US when compared to December 2014. More significant increases are observed when looking back 12 months and compare to January 2014, with rents across all bedrooms approaching 10% Year-over-year increase.
New York Metro
During the month of January 2015, New York, NY metro rents experienced an average increase of 5.61% for Studio, 1, 2, 5 bedroom rentals 3, 4 bedrooms apartment and house rents remained flat, when compared to last month. When compared with same month of last year, rents saw an average increase of 10.09% for Studio, 1, 2, 3, 4, 5 bedroom rentals.
Los Angeles Metro
Los Angeles, CA metro rents experienced an average increase of 2.01% for 1, 2, 3, 4, 5 bedroom rentals and an average decrease of 4.97% for Studio bedroom rents, when compared to last month. When compared with same month of last year, rents saw an average increase of 11.99% for Studio, 1, 2, 3, 4, 5 bedroom rentals.
Chicago Metro
Chicago, IL metro rents experienced an average increase of 5.29% for Studio, 1, 2 bedroom rentals and an average decrease of 2.2% for 4, 5 bedroom rents 3 bedrooms apartment and house rents remained flat, when compared to last month. When compared with same month of last year, rents saw an average increase of 11.07% for 1, 2, 3, 4, 5 bedroom rentals while 3 bedrooms house and apartment rents were unchanged.
Dallas Metro
Dallas, TX metro rents experienced an average increase of 2.40% for 1, 2, 3, 4 bedroom rentals and an average decrease of 2.33% for 5 bedroom rents, when compared to last month. When compared with same month of last year, rents saw an average increase of 8.67% for 2, 3, 4, 5 bedroom rentals and an average decrease of 2.05% for 1 bedroom rents.
That's great news for buy and hold investors and, not so great for renters.