Apartment rents have been cooling off sharply for several months, and they look like they’re about to go negative compared with a year ago.
Rents in August were just 0.28% higher than August 2022, according to real estate tech platform RealPage. Compare that to a year ago, when rents were posting 11% annual growth. With the exception of a very brief drop during the Covid lockdowns, rents have not shown negative annual growth in well over a decade. When they did, it was due to a recession hitting demand.
Support authors and subscribe to content
This is premium stuff. Subscribe to read the entire article.
Login if you have purchased