Apartment List

President Biden's latest proposal to address housing affordability calls for a 5% cap on annual rent increases. This begs the question – just how common is it for landlords to raise rents by more than 5 percent? The answer is that it depends on the year! At the outset of 2019, roughly one-third of the nation’s largest cities experienced year-over-year rent growth above the 5% threshold city-wide. Then for a number of months in early 2022, every single one of the nation’s 100 largest cities was logging rent growth greater than 5% as the nation experienced an unprecedented spike in housing demand. But rent growth has slowed dramatically in the time since, and today Madison, WI is the only major city where YoY rent growth is topping 5%. If enacted today, President Biden’s proposed rent cap would likely only apply to a fairly limited subset of the rental market. However, as conditions shift, such a policy would have widespread impact during the market’s hotter periods. (One caveat - I'm showing city-wide averages, which masks variation across individual properties within cities; i.e. in cities that experienced city-wide rent growth below 5%, there may be individual properties that raised rents by more than 5%, and vice versa).

Top-line housing construction slowed quickly in 2023 and 2024, but a particular segment of the market continues surging: “built-for-rent” single-family homes. 📈 Also known as “horizontal multifamily,” built-for-rent are large developments of single-family homes built explicitly for renters. Homes are leased and professionally managed by landlords, much like an apartment building. But renters have the opportunity for the white picket fence without the mortgage. 🏡 Construction started on over 85,000 “built-for-rent” homes in 2023, accounting for 9% of all single-family construction. 🏗 This is more than triple the rate of a decade ago. We expect the trend to continue as demand for single-family living greatly exceeds affordable homeownership opportunities. There are already more than 40 million renters in single-family homes across the country, and the housing market is positioning itself to accommodate even more.

Is your property management strategy aligned with modern renters' expectations? 🤝 From AI-driven interactions to the rise of long-term renters, the multifamily landscape is rapidly evolving. 🚀 In this must-read blog, we've summarized the Apartmentalize 2024 session presented by Apartment List's Chief Sales Officer, Mike Wolber. Discover how to:  ⏰ Meet 24/7 renter demands 📈 Boost efficiency with smart centralization 🤖 Harness the power of GenAI to close deals Follow the link to discover how you can enhance your renter experience! https://bit.ly/4cB3vGl

On the latest episode of the Gray Report, Chris Salviati from the Apartment List research team shares his invaluable perspective on what's moving the multifamily market and how different metrics and data are tracking housing and inflation trends: https://lnkd.in/gDfVjvis

Is your rental property strategy keeping pace with today's rapidly evolving market? 🏘 From a pandemic-fueled "rent rollercoaster" to the surge in remote work, the multifamily landscape is transforming faster than ever. We’ve recapped one of our most insightful sessions from Aparmentalize 2024 from Apartment List’s chief economist, Igor Popov. In it, he breaks down the top 5 trends reshaping the industry. 💡 Follow the link to read our recap and watch Igor’s session to gain the insights you need to thrive in 2024 and beyond. ➡ bit.ly/4eGjGDP

Inflation was a major topic of Thursday night's presidential debate. And as the Apartment List economic research team has previously reported, housing remains a key driver. 💸 In the latest MarketWatch article, Chief Economist Igor Popov chats with reporter Hannah Erin Lang about what renters are experiencing in the current rental market. “If someone’s thinking ‘Is my rent higher than it was last year?’ — the answer, in most parts of the country, is no,” he said. “But the pandemic housing boom has shifted us to a new level.” https://lnkd.in/e-AjpFY9

We just released our latest rent estimates today, showing that the national median increased by 0.4% in June. This is the 5th straight month that rents have inched up, but it's notable to see month-over-month growth decelerating during what's traditionally the peak season for the rental market. The trajectory of rent growth this year has been tracking closely to what we saw in 2023, so year-over-year rent growth has been holding pretty steady in recent months and currently stands at -0.7%. YoY growth has now been negative for a full year. Check out our full writeup of the latest data here: https://lnkd.in/gMssRDYq

 🏳️🌈 Apartment List proudly joins the ranks of Top Most Loved Workplaces for LGBTQ+ employees, as recognized by Best Practice Institute! 🏆 This honor reflects our unwavering commitment to fostering an inclusive environment. It's the heart of what makes our company culture truly special. In celebration of Pride Month, we're spotlighting our Pride ERG members. They're sharing how Apartment List empowers them to bring their authentic selves to work every day. Swipe to read! ➡ A big shout-out to Megann Sept, Jose Rodriguez, and Katie Arrington.💜 #PrideMonth #InclusiveWorkplace #LGBTQEquality #ApartmentList

What an Apartmentalize 2024! 🌟 We showcased our NEW GenAI sales agent, hosted insightful sessions, and connected with our incredible industry peers and leaders.  A big thank you to everyone who visited booth 2506. You made this event unforgettable! Check out our video for all the highlights! #Apartmentalize2024 #ApartmentalizeSessions #NAA2024 #NAA2024Giveaway #ApartmentList

Loved joining CNBC's Squawk Box this morning to unpack the storylines in today's rental market. With different parts of the country on different trajectories, there's no one-size-fits-all national storyline right now. https://lnkd.in/gtwhMzSa