Is Relief on the Way in the Rental Market?
Many cities and metros across the Country are beginning to see rental rates decline and availability rise. Let's not have a ticker-tape parade just yet, the declines have been modest in comparison to the double-digit increases year over year that had become customary, and the availability is getting better but is not by any means where it should be. With an inflation cooled rental market and the regularity of mass layoffs, hiring freezes, this may also be a sign of a sluggish economy that's forcing renters and would be renters to make some difficult choices. Choices that might include taking in or becoming a roommate, moving home to alleviate high rent or things to that effect which may help to explain this sudden shift in rental inventory patterns. In addition, many cities across the Country were home to multifamily developers that had been building apartment complexes with no end in sight, but inflation, interest rates, along with labor and construction costs have slowed that pace significantly in many areas, so this uptick in inventory could be short-lived. Regardless of the reason(s), any relief in this market is better than the past few years when finding a home or apartment to rent was every bit as competitive, if not more so, than those who were trying to buy. In many cases, people who got priced out, overbid, or simply couldn't act fast enough to be able to purchase a home in the last 2.5 years found themselves in a rental market that shared many of the same characteristics. Let's hope this correction is for the better and continues to adjust so that it's fair to both tenants and landlords. What a novel concept! Finding properties to rent is still no day at the beach, so think about changing HOW you search for property, because sometimes the HOW is the most important part of the whole process. #realestate #rentalhousing #housingtorent #realtor #owner #rentingrealestate #buyingrealestate #sellingrealestate #realtor #propertyguerilla #landlord #apartments #multifamily