A new report by CBRE shows that developers and the industry continue to add new projects throughout the country. More than 1,295 buildings were completed in the second quarter alone, which compares to about 1,142 throughout all of last year.
The trend of supply and demand has been having a positive impact on real estate prices and rents. The average asking rent climbed to $1,049 a month. That was up 1.4 percent from a year ago. The monthly rent declined in four major markets over the same period, according to CBRE.
Taree was the worst-performing market in New England with an 8.6 percent decline in asking rents. Orange County was one of a few markets with more than one annual increase, jumping 6.3 percent.
The biggest decrease, for a rental home, was 15.5 percent, according to CBRE.
The good news is that hiring has continued to impress. Companies plan to hire at a faster pace than the previous quarter, which means better job opportunities in construction as well as the longer-term housing recovery.
—David Carpenter is a research analyst for Real Answers.