Why Is Apartment Rent Rising? No Worries, It’s Just a Seasonal Thing.
Dwellsy’s May data report reveals that while apartment rent continues to creep upward, price increases are still in the “expected” realm—and overall, the market can look forward to a period of moderation. Los Altos, CA (June 2023) – Sorry, apartment-dwellers. Once again, you’re facing an increase in asking rent. From March to April, rent for one-bedroom apartments rose 1.1 percent, or $14. And between April and May, it edged up a further 0.5 percent, or $6. “Everything we’re seeing is in line with a normal seasonal rent cycle, in which prices edge upward between April and October,” says Bordo,...