Zillow Forecasts Rising Rent in Most Large U.S. Metros
According to to the latest Zillow Rent Forecast (covering August 2016 through Aug 2017) rents will rise in 34 of the 35 largest U.S. metros. Overall, rents are forecasted to rise 1.7% over the next year, the same rate of increase as the past 12 months. Interestingly, the northwest cities of Seattle & Portland are projected to rise 7.2% and 6% respectively – which will outpace San Francisco’s projected increase of 4.9%.
“We have more renters today than in the past and most newly formed households are renter households. This taken together with a lack of new rental construction at less expensive price points has been a recipe for rising rents,” said Zillow’s Chief Economist Dr. Svenja Gudell.
Zillow’s Top 10 Highest Forecasted Rent Appreciation over the Next Year:
- Seattle – 7.2%
- Portland – 6%
- Denver – 5.9%
- Cincinnati – 5.2%
- San Francisco – 4.9%
- Los Angeles – 4.8%
- Sacramento – 4.7%
- San Diego – 4.7%
- Phoenix – 4.6%
- San Jose – 4.5%
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