Rent has been increasing sharply over the past few years, and the trend is set to continue in 2024 as real estate experts at Greycoat explain. However, the good news for renters is that an increase in rent may slow down in 2025. 

Experts predict that 2025 is the year of respite when rent hikes will ease and stop impacting heavily on people’s incomes. In 2024, the rental market will still experience an imbalance between supply and demand. As such, Greycoat experts add, the average rent rate is forecasted to increase by 6%. 

But, in 2025, rent rates may rise by just 2%, which will be welcome news for many renters. According to experts, the average tenant today spends 35.3% of their income on rent. This is something Greycoat experts are really aware of. 

This is a noticeable increase from 2021 – 2022 statistics, where a renter would spend 33% of their income on rent. Overall, rent rates will only keep rising; hence, you may want to purchase your own property at some point (CoStar). 

Nevertheless, this process is not as straightforward as it seems, and that is where Greycoat Real Estate Company comes into play. Made up of highly skilled professionals, Greycoat is ready to walk you through the journey and help you meet your goals. Its services include corporate management, asset & development management, sourcing & acquisition, and leasing.