HIGH RENTS IN U.S.A.

Press, Volume LIX, Issue 17936, 3 December 1923, Page 5

HIGH RENTS IN U.S.A.

PEAK NOT YET IN SIGHT. Rents are abnormally high in all parts of tho United States, and in New York City they are approaching the so-called peak, according to a nationwide survey just completed by the, National Industries Conference Board, and made public through the "New York Times." Tho increases are prevalent especially in regard to homes formerly witliin the means of the ordinary wage-earner. The survey shows that rents are higher than at any time during the last nin© yeai-s, and generally about 75 per cent, above the pre-war level. In compiling its data the board received reports from real estate, brokers and others closely in touch with the housing situation in 161 cities. The figures show that during the period of the war rents rose slowly' as compared with the cost of other necessities, but were still going up after July, 1920, when the cost of living as a whole 'began to fall. The peak of rents, prior ti> July, 1924 i, was not reached until March, 1921. After that average rents dropped slightly, and showed a tendency downward during the year. In November, 1923, the advance began again. The report continued: "This is not true, of course, in all cities or in all parts of the country. Some of the cities where rents once were highest, are now relatively low measured by percentage of change. In others, however, there has been a steady climb upward. Taking the last four-month period for which the Conference Board has figures, that ended in July, 2923, it is found that in GO of 161 cities from which reports were received there has been an average increase in rents and decreases in only IG. In tho remaining S5 rents remained unchanged; Thirty-two cities of the IGI reporting averaged rent increases of more than 100 per cent, since 1914. Some of tho largest cities in the country were in this group, such as Chicago, Detroit, Los Angeles, Milwaukee, and Jersey City. "In Denver, Portland, Oregon, and Bochester, rent increases since July, 1914, averaged between 91 per cenr. and 100 per cent.; in Boston, Buffalo, Cleveland, Newark, Now York, Philadelphia, St. Louis, and Washington, rents were 81 per cent, to 90 per cent, higher, and in Cincinnati and Pitts,? bjwg. 71 par cent . uer cent.

higher, respectively. This enumeration takes into account only the largest industrial centres. Cities with smaller populations show the same tendency. On the other hand, a few important places like Baltimore, Indianapolis, Kansas City, Minneapolis, New Orleans, San Francisco, and Seattle reported increases in rents somewhat less than the average for the country'as s whole.

''The tendency of rents has • been clearly upward, however, in the past summer, and fow of those .-which- reported to the Board excected a decline in the near "Suture. Scarcity of, accommodation, the high cost of- suc.i buildings as are being erected, and increased cost of upkeep : nd taxes ser\"3 to raise and keep up die rents of average houses in average communities."