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.
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.