Rent Is On The Rise, In Spite Of Stagnant Income
Wednesday, July 02, 2014
A new report shows rents are up in cities and metro areas across the country, as demand for apartments continue to exceed supply.
The average monthly apartment rent for the year’s second quarter was $1,099, up from $1,064 at the same time last year. The quarterly report from Reis, the real estate research firm, revealed that this was the 18th consecutive quarter of rent increases.
This comes as median household income remains stagnant. Joe Weisenthal of Business Insider joins Here & Now’s Robin Young to discuss what’s driving these numbers and what we can look forward to in the future.