As housing rental prices continue to gain, income-minded investors should consider real estate investment trusts and related exchange traded funds with a focus on the residential segment.
According to Real Page data, national asking rents rose 10.3% in August year-over-year, the first double-digit increase in the over two decades this data has been collected, the Wall Street Journal reports.
In several popular cities, the asking rent hikes were much greater than the national figure.
“The rent growth that we’re seeing in places like Phoenix and Las Vegas and Tampa, it’s obviously unprecedented,” Jay Parsons, deputy chief economist for Real Page, told the WSJ.
August rents jumped more than 20% year-over-year in each of the cities mentioned by Parsons.
Monthly rents were also up over 20% in smaller markets like Boise, Idaho, and Naples, Florida, as well.
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