Real estate agents and analysts at Redfin said the rental market has been buoyed by a strong economy and the recent arrival of many new residents.
Redfin chief operating officer Jeff Bewkes said rental rates have risen by a little more than 8% over the past year, a significant increase from last year’s 8% increase.
He said the uptick in interest rates has driven demand for rentals, especially for apartments and condominiums.
But the company said the rise in interest is only the tip of the iceberg.
He pointed to a rebound in rental property prices in the past couple of years.
“We’ve been seeing a very strong increase in the supply of rental properties over the last couple of months,” Bewks said.
He noted that the rental properties in the U.S. are still up 5% compared to last year.
RedFIN is a division of Redfin Group.
RedFin Group was created in 2016 by Redfin Inc. and Redfin Real Estate Services to help its members build and manage their properties, Bewke said.
RedNet is Redfin-owned, and the two companies are not affiliated.
Rednet was established in 2000.
The Redfin group’s revenue is generated by the sale of real estate owned by RedNet, which is managed by RedFin.
RedNets properties include condos, townhomes, and apartments, according to Redfin.
The company is owned by the Redfin Family.
Red net has been gaining traction in the market for several years, said Paul Smith, managing director of RedNet’s brokerage division.
The rental market is a good indication of the strength of the U