Renters Rejoice: Rents Drop and Relief is on the Horizon
TL;DR
US rent prices fell by 0.6% YoY in May, the largest annual decline since March 2020, due to an increase in rental supply and a decline in demand. Homeowners are choosing to rent out their properties instead of selling them, and builders are completing more multifamily construction projects, adding to tenant options. However, rents varied geographically, with the West seeing a 2.1% decline YoY, while other regions saw increases.
Topics:businessreal-estate#housing-market#landlords#multifamily-construction#real-estate#rent#vacancies
- Renters about to catch a break as rents post their biggest drop in 3 years Markets Insider
- Renters Are About to Get the Upper Hand The Wall Street Journal
- 'Relief should be on the horizon': Rent inflation shows more signs of cooling MarketWatch
- Queens is now the most competitive rental market in NYC Time Out
- Rent inflation cooling, but prices are still high Yahoo Finance
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