Rents continue to rise

Green Escrow | Rental

Even as the housing market is slowly improving – lower mortgage rates, increasing inventory, stabilizing prices – the rents continue to rise, directly impacting lower-income families. Analysts say the country is about 6.8 million affordable units short of what’s currently needed.

Even so,  evictions were much lower than anticipated after the federal moratorium on evictions in August, 2021.

Finally, many current renters would be homeowners if they could afford it. Hopefully, as housing conditions improve, renters will be able to buy, thus freeing up rental units.

Expensive Rents

Green Escrow | Rental

A new report by RentCafe finds that the most expensive apartments in the United States are not in San Francisco. This honor goes to Manhattan which has 26 of the top 50 ZIP codes with the highest rent; the highest being in Battery Park with an average rent of $5,657/month.

Not surprisingly, San Francisco is second with 13 of the highest rent ZIP codes. Southern California has five of the highest.

The news isn’t all bad, however. If you’re looking to rent give Wichita and Memphis a try; both have apartments for less than $600 a month.