Rent in the suburbs near major US cities does not give respite to budgets, as it has become a burden. almost as expensive as the cost of renting housing in urban centers.
Leaving big cities for the suburbs three years ago was a real opportunity for those who are looking for slow down a little from metropolitan areas and cool down the cost of rent.
However, with the onset of the pandemic and with telecommuting agreements moving to the suburbs began to consume fuel rent in these cities.
According to a Realtor.com post, the claim that Renting in the suburbs is almost as expensive as renting in the city centerhas never been so accurate in the face of real estate market realities.
According to data from July last year, the advantages of renting on the outskirts of large cities in terms of price were 52.9% lower compared to 2019.
“Compared to three years ago, when high rental prices were typically concentrated in urban centers, rents are now almost as expensive in the suburbs, where the growth of remote work has caused an increase in demand” repeated Danielle Hale, chief economist at Realtor.com.
The impact of the increase will affect those who are about to renew their contracts, for example, those who want to sign a contract for the first time.
Data from the Quarterly Survey of Landlords and Tenants, which is part of Realtor, shows that on average tenants saw a $160 increase during their contract renewaland new contracts are now $300 more expensive.
The increase in rental prices contributed to the fact that in July the median rental price in the US was $1,879.new all-time high.
Vicious circle of high rent
While rents in suburbs and city centers are balanced at the highest levels, according to real estate analysis, there is a horizon in which prices can go down.
The migration driven by telecommuting to the suburbs has sent rental prices up and a chill in some cities due to lower demand.
However, the days of these relatively low prices in urban centers may soon be over. as more workers gradually return to the offices and the life of the cities is becoming more and more animated.
“To put it simply, it is felt by tenants everywhere, but the survey results suggest thatLandlords are adjusting their approaches to tight tenant budgetswhile July data shows that rental growth is stabilizing at a relatively slower pace than in 2021,” added Realtor.com’s chief economist.
In this scenario, Hale assured, tenants are still in the market with few rental options available.
Source: La Opinion
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