The NAHB's Carmel Ford sifts through the Survey of Market Absorption, a joint venture between the Department of Commerce, HUD and the Census Bureau, which shows the median asking price for a rental hasn't changed significantly over the last year.
In the first quarter, the median asking price was $1,426, down slightly from the fourth quarter's $1,442 but a bump up year-over-year of about $12. Rents were highest in the Northeast, the data show, where median asking prices were $1,839, followed by the West, where median asking rents were $1,692.
But the for-sale side of the multifamily industry has seen more fluctuation:
On the other hand, the median asking price of privately financed, unfurnished, nonsubsidized condominiums in buildings with five or more units has changed significantly in the last year. The median asking price of these condominiums completed in the first quarter of 2016 shot up to the “$700,000 plus” range.
Although there isn’t an exact median dollar amount stated in the report, it is still a significant change compared to the median asking price of condominiums completed in the fourth quarter of 2015 ($501,900) and in the first quarter of 2015 ($539,000).