It’s the time of year where quarterly, monthly and annual reports all culminate. Last week we noted that rent in Philadelphia held steady for another month, according to rental firm Zumper. This week we get another monthly wrap-up and predictions for next year.
Rental firm Abodo brings slightly better news than Zumper, reporting that the median one-bedroom rent actually fell since last month. Its calculation puts the dip at 0.08 percent, down to $1,309. Two-bedroom rents stand at about $1,620, up 1 percent exactly. These trends sort of buck the national figures, which indicate meager growth in the one-bedroom market (up 0.57 percent) and a 0.08 percent increase for two-bedrooms.
In the national rent report from Abodo, cities in the South are seeing the biggest increases — Jacksonville, Florida; Nashville, Tennessee; and Savannah, Georgia, are at the top of the list. Meanwhile, Columbus, Ohio tops out the biggest decrease, with a 9.2 percent dip since last month.
If that news has left you feeling hopeful, Zillow’s predictions for 2019 might burst your bubble. Not only does the real estate behemoth suggest mortgage rates will continue to rise — impacting the rental market among prospective home buyers can’t afford a home loan. The agency also notes that they expect a “record number of homes will be lost to natural disasters as the frequency and magnitude of damage from them increases.”