Apartment List experts analyze the most important trends in the 2017 rental market and predict their impact in 2018. In 2017, large increases in multifamily stock decreased occupancy rates and helped soften rent growth in many hot markets. Despite increases in overall rental stock, affordability remains a concern for many renters, as the rental stock affordable for low-income renters continues to deteriorate.
With Thanksgiving just a gobble days away, it’s time to feast your eyes on the 2017 edition of our annual Apartment List Turkey Index! Thanksgiving is the ultimate celebration of food, family, friends and football – a combination that always makes for lively conversation. If your dinner table is anything like mine, the conversation inevitably turns to a question as old as thyme – how many turkey dinners would it cost to pay our rent? Thankfully, we can now a-maize our guests by answering that question definitively.
In 2016, the share of cost-burdened renters, or those spending 30 percent or more of their income on rent, reached the lowest level since 2008. Despite the decrease, nearly half of renters remain cost burdened and one-quarter of renters are severely cost burdened, spending more than half their income on rent. The decrease in cost burden is due to growth in renter incomes, which outpaced increases in rent prices, but this is largely the result of an influx of high-income earners in the rental market, rather than an increase in the wages of existing renters. Florida and California
With as many as 100 cities bidding for the Amazon HQ2, Apartment List delved into the data to analyze the impact of the new Amazon headquarters, or "HQ2", on the housing market. We analyzed the rental markets in 15 metros contending for the "HQ2" and predict rents will rise up to an additional 2 percent per year. The metros most impacted by the influx of Amazon workers are smaller metros with low median wages or metros where building new homes is difficult.
Apartment List graded 75 top U.S. metros in three categories -- jobs, affordability and livability -- to determine the best metros for millennials. Overall, affordable inland metros scored highest, with Pittsburgh, Provo and Madison topping the list. Metros where millennials traditionally move -- San Francisco, Los Angeles and New York -- and where millennials have recently been moving -- Seattle, Austin and Denver -- failed to make the list due to their lack of affordability.