For the third consecutive month, asking rent prices have fallen, according to Realtor.com’s July rental report.
“We're at the point in the season where we typically see rents decline. And rents are down from a year ago as they have been for the past few months and so that means we are likely to see that 2022 was the peak for rents. And we're starting to see some decline,” Hale added.
The big reason for the slowdown: more housing. In the last three years, builders have added 1.
But new financing challenges are emerging that could threaten the supply — and rental price — outlook beyond next year.Already, West Coast metro areas are facing an apartment construction slump. Data from CoStar Group shows developers are on pace to build less than 32,000 apartments in Los Angeles, San Francisco, San Diego, San Jose, Seattle, and Portland this year—marking about 20% drop compared to 2021 levels.
"It's the worst thing that could be happening," Jay Lybik, national director of multifamily analytics at CoStar Group,So far — this year has been the slowest for the West Coast — developing less than half as many apartments as the first two quarters of 2021. The tally hit 10,687 in 2023. That falls short of the 19,434 starts recorded in the first half of 2021.
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