In New York the median rent for a one-bedroom just crossed $4,500, by one estimate.
The pandemic exodus from coastal areas to cities like Austin and Atlanta has cooled off, and rental supply is outstripping demand.
The market is seeing a return of concessions and incentives for renters as demand cools in many parts of the nation.
High interest rates and limited inventory are key factors in restricting affordability.
High mortgage costs, low supply of houses for purchase and high rents made for a pretty bleak year. But there’s a glimmer of light on the horizon.
Asking rents are down 1% nationally, though they’re still rising in some regions.
Builders find there’s high demand for new developments, but they’re also finding it harder to convince banks to loan them money.
In Chicago, a lack of affordable housing, unwilling landlords and overstretched nonprofits can make the wait for an apartment a long one.
Ultra-cheap rentals declined in every state, especially in Texas and North Carolina, where renters from more expensive markets are moving.
In Monday’s Consumer Price Index report, rent prices rose 8.7% year-over-year in May. That sounds like a lot, but here’s why that number isn’t a reliable indicator of where rental prices are headed.
