2018 WRAP UP & 2019 RENTAL THOUGHTS 2018 saw a plateauing of prices in the most expensive markets as the year is ending with the top 10 cities remaining relatively unchanged since January. Smaller markets have been playing catch up with bigger markets all of 2018, with many mid and lower tiered cities experiencing consistent double digit rent growth every month. All of the markets with the largest year to date changes below were mid and lower-tiered markets ranging from 48th – 93rd.
Rents in 2019 will most likely see accelerated growth due to pressure from a continued slow for-sale market, with continued interest rates hikes on the horizon, millennials favoring a sharing economy, so owning things, from cars to houses, is becoming less of a priority than it has been before, and an overall lack of available supply to meet a growing demand (U.S. rental vacancy is at 6.8%, which is the lowest it’s been since early 1990’s [Census].) Full Report Including Chicago Data