.jpg)
RESEARCH • 24 August 2022
Read across from America
Average rents now exceed their pre-pandemic levels in all except two of the 69 markets tracked by CBRE (San Francisco and San Jose) with Sun Belt metros posting some of the highest growth spurred by migration during the pandemic. In South Florida, the average rent was reportedly around 50% higher in Q1 2022 compared with the same period a year ago. Rental prices have increased so fast in this region that roughly one third of renters in South Florida are spending more than 50% of their monthly income on rent1. However, while rents are still growing, markets are likely past peak growth2.
US senators had already become more vocal, prior to this, with Elizabeth Warren questioning whether private equity is contributing to rent affordability issues. So is the staggering rental growth in the US and any of the trends perhaps driving this relevant to Europe?
You can request the full report at researchandstrategy@savillsim.com
1 Blue Lake Capital, The State of the Market Q1 2022
2 Jay Parsons Post, Where is Apartment Rent Growth Moderating Most Significantly?, 9th July 2022