Experts Forecast Apartment Rents – Neil Schimmel interviewed
U.S. Rental Market Insights
GlobeSt spoke with IMG CEO Neil Schimmel about how experts are gauging the apartment market’s direction.
WOODLAND HILLS, CA — August 14, 2023 — The median U.S. asking rent in July is nearly at a record high, just $16 below the peak set in August 2022. Redfin reports the average rent as $2,038, suggesting that despite slightly cooled rent gains over the past year, finding significant rental bargains remains challenging due to the near-record-high rent levels.
Various experts provide insights in GlobeSt into the rental market’s direction: Greg Bates notes that rent growth typically aligns with economic conditions and income levels; Adam Levin expects steady rent growth throughout 2023 due to demand outstripping supply in stabilized markets; IMG Founder and CEO Neil Schimmel emphasizes the importance of granular, localized data for analysis; and Jonathan Miller indicates that while low unemployment and high wages continue to pressure rents, some rental markets might be nearing peak growth. Javier Lattanzio attributes the current rent rise to low inventory, increased homebuyer apprehension due to high interest rates, and a resulting 10% or more increase in rents.
Read the full article at GlobeSt.com – Experts Forecast Where Apartment Rents are Headed
By: Richard Berger
Published August 14, 2023