The rental market is an ever-changing landscape, and the next 18 months are expected to bring some significant changes. According to experts, rental prices are expected to increase over the next 18 months due to a variety of factors.
The first factor is the increasing demand for rental properties. As more people move into cities and urban areas, the demand for rental properties is increasing. This is especially true in cities with high job growth, such as San Francisco and New York City. As more people move into these cities, the demand for rental properties increases, leading to higher rental prices.
The second factor is the increasing cost of construction materials. As the cost of building materials increases, so does the cost of constructing new rental properties. This means that new rental properties will be more expensive, leading to higher rental prices.
The third factor is the increasing cost of living. As the cost of living increases, so does the cost of renting a property. This means that people will be willing to pay more for a rental property in order to keep up with the rising cost of living.
Finally, the fourth factor is the increasing cost of labor. As the cost of labor increases, so does the cost of constructing new rental properties. This means that new rental properties will be more expensive, leading to higher rental prices.
Overall, rental prices are expected to increase over the next 18 months due to a variety of factors. These factors include increasing demand for rental properties, increasing cost of construction materials, increasing cost of living, and increasing cost of labor. It is important for renters to be aware of these changes so they can budget accordingly and make sure they are able to afford their rental payments.