Inflation is currently at its highest rate in 40 years, and rapidly rising housing costs are a key contributor. While the market has cooled slightly from last summer’s peaks, the national median rent has still jumped by 12% in the past year. Also, with spiking mortgage rates now sidelining potentially homebuyers, the coming months could bring additional competition for rentals amid a market that is already historically supply-constrained.
Some highlights below:
Rents in Roanoke increased 4.7% month-over-month in June, compared to a 1.3% increase nationally.
Year-over-year rent growth in Roanoke currently stands at 24.9%, compared to 18.2% at this time last year. Rents in Roanoke are up by 43.5% since the start of the pandemic in March 2020.
Median rents in Roanoke currently stand at $1030 for a 1-bedroom apartment and $1255 for a two-bedroom.