by Calculated Risk on 11/01/2021 02:31:00 PM
Today, in the Real Estate Newsletter: The Rapid Increase in Rents Continues New Leases up Sharply year-over-year in September
The Zillow measure is up 9.2% YoY in September, up from 8.4% YoY in August. And the ApartmentList measure is up 15.1% as of September, up from 12.5% in August. Both the Zillow measure (a repeat rent index), and ApartmentList are showing a sharp increase in rents.
Clearly rents are increasing sharply, and we should expect this to spill over into measures of inflation in 2022. The Owners Equivalent Rent (OER) was up 2.9% YoY in September, from 2.6% in August – and will increase further in the coming months.
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