The rental market appears to be soaring, despite weaker job growth, as rents were up 0.74 percent for the month of May and 3.29 percent year-to-date, according to data from Axiometrics.
Occupancy rates also improved, rising from 94.16 percent in April to 94.25 percent in May. The increased occupancy generally gives rental property management companies greater power in the market to charge higher rents.
Concession values, a measure of rental negotiations resulting in lower rents for tenants, has also increased in favor of rental property managers, finishing May at negative-2.28 percent, signifying roughly just one week of free rent for renters in negotiation.
Further details reported on by Axiometrics include the top markets for rental property growth which is based on rent levels and occupancy rates.
San Jose ranked as the leading city for rental property growth, with a 10.9 percent year-to-date increase in rent and an 8.2 percent increase on a monthly basis. The city also recorded a 96.6 percent occupancy rate.