Rental prices surged to another high in June for the 16th consecutive month. Even so, renting is favored over buying in a majority of metros due to high mortgage rates.
Macro Trends Advisors LLC founding partner Mitch Roschelle argues that ‘demand is still outstripping supply’ in the housing market.in June for the 16th consecutive month. Still, more than three-quarters of the 50 largest U.S. metros favored renting over buying a starter home last month, according to a new report.
If not for higher mortgage rates, the rent versus first-time buying gap would have shrunk in the first half of this year, as rents grew more quickly than starter home prices.In June, the U.S. median rental price reached a record $1,876, up 14.1% compared to a year ago, according to recent data from Realtor.com. All unit sizes, including studios, one-bedroom, and two-bedroom apartments, saw double-digit annual gains.
A ‘for rent’ sign posted in front of an apartment building on June 2, 2021 in San Francisco, California.
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