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Good News For Landlords
![Contain 800x800](https://bpimg.twic.pics/no_overlay/uploads/uploaded_images/1664990335-100522.png?twic=v1/output=image/quality=55/contain=800x800)
While home sales slow with mortgage rates surging to a 15 year high, rents are still increasing.
RealPage reports that since the beginning of 2022 rents have increased 21.9% nationally to an average of $1,510.
Despite the rapid increase in new lease rates, it is well below the 33% of income limit that is generally accepted as affordable.
Actually, for eight straight years rents until 2019 rent affordability was trending in the opposite direction.
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Currently rents sit at about 23% of income leaving a lot of room for growth before hitting the affordability ceiling.
MARKET OBSERVATIONS
- NAR reports home resales in August decreased by 0.4% month over month and 19.9% YOY
Home resales drop below pre-pandemic levels
Core CPI increased to 6.6% in September, a 40 year high
Mortgage rates hit 20 year high
Average 30yr fixed mortgage rates up slightly to 6.92%
Originally published on Invested Agents.
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