Fewer landlords plan to increase rent: survey
- Fewer landlords plan to increase rent, according to Avail Research
- The relationship between landlord and tenant plays a significant factor
- 32.4% of surveyed landlords said rent for their property is fair value
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(NewsNation) — If you’re deciding whether or not to resign a lease, you might be in luck.
Fewer landlords plan to increase rent than in previous years, according to Avail, by Realtor.com®, who surveyed independent landlords and renters across the nation.
Across the board, rent prices are trending upward, but growth is moving slow. According to ApartmentList, the national median rent ticked up 0.5% in April, the third month in a row where rent prices have jumped.
However, even with the increase, April saw a slight slowdown in rent growth compared to March. So despite concern about rents increasing, fewer independent landlords are planning to raise their prices within the next 12 months.
More than 65% of the landlords surveyed by Avail still plan to raise rent on at least one of their properties; 48.2% who aren’t raising rent for renewals want to avoid turnover, “likely recognizing that finding a new renter may be difficult given current market conditions,” according to the Avail report.
The relationship between landlord and tenant plays a significant factor, according to the survey.
More than 40% of the landlords who aren’t raising rent for renewals cite a “strong landlord-tenant relationship” as what influenced their decision.
Lastly, 32.4% of surveyed landlords believe that rent for their property is either at or above fair market value, and 15.1% predict local market rents will decrease within the next 12 months.
