Increasing homeownership costs have led many prospective homebuyers to continue renting, adding additional pressure to an already highly competitive rental market. Rental vacancy rates have remained below 6% since Q3 2021, a 3-decade low, the U.S. Census Bureau reports. As demand continues to outpace supply, rents on new leases have surged 14.1% this year through June, according to Apartment List, a huge leap from the typical 2% – 3% annual rent increases before the pandemic.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JULY 16:
- New Listings decreased 11.5% to 1,750
- Pending Sales decreased 24.8% to 1,097
- Inventory increased 10.1% to 8,441
FOR THE MONTH OF JUNE:
- Median Sales Price increased 8.6% to $380,000
- Days on Market increased 5.0% to 21
- Percent of Original List Price Received decreased 0.8% to 103.3%
- Months Supply of Homes For Sale increased 23.1% to 1.6
All comparisons are to 2021
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.