Courtesy of Trulia Trends
Data released today reveals that asking prices in the DC area and around the country are moving up, while rent increases are slowing down.
In August, asking prices rose by 4.6 percent year-over-year in the DC area and 2.3 percent nationwide, according to Trulia’s latest Price and Rent Monitors, which were released this morning. Excluding foreclosures, asking prices year-over-year nationally increased 3.8 percent.
While prices are rising, Trulia’s Rent Monitor found the rate of acceleration for rents is slowing down. In DC, asking rents were up 3.7 percent year-over-year, down from a 3.9 percent increase in July. Nationwide, rents rose 4.7 percent annually, the smallest increase since March. The slowing down of rent increases appears to be the result of increased supply.
“One big factor is new construction. According to the Census, there was a big jump in the number of newly completed buildings with five or more units – which means more rental units are on the market to meet demand,” Trulia Chief Economist Jed Kolko said. “Completed new units in multifamily buildings in July were 47% higher than a year earlier.”
For more stats and analysis, click here.
A full explanation of Trulia’s methodology can be found here, but in short, the Price and Rent Monitors compare current asking prices and asking rents year-over-year and quarter-over-quarter, adjusting for seasonal swings.
- DC Could Be a Renter’s Market By Late 2012
- The Increase in DC Rents Is Slowing Down
- Rents Will Fall in the DC Area, But Not By That Much
This article originally published at http://dc.urbanturf.com/articles/blog/trulia_asking_prices_moving_up_rents_stabilizing/5984
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