Apartment rent growth set to keep slowing this year

I also can't imagine how people can rate it the best place to live, given the complete lack of public transit and awful road infrastructure.

Prior to June these houses would sell in a day .. starting in October I started seeing these type of home sellers not have the same opportunity those who sold earlier in the year and they started to drop their prices after two to four weeks on the market. Once they drop their prices the house sold in a few days or more.

The nice homes (newer then 2005) with in-ground pools in this area if priced at 350k to 450k (in maryland i prefer PA though taxes are higher) will still go pretty fast.

Overall the market in this area has changed where it's not a sellers market as much as it was prior to June. But overall there really isnt much inventory of said homes (homes that you can buy that are nice enough to flip in a few years or so for a profit) and I think that's indicative of the entire housing market.

That said, there are certainly people who live with family or take on roommates that otherwise would prefer to live independently due to high rents. So it is an issue. But rents declining a bit, or even a lot, wouldn't put a dent in homelessness.

(Honest question).

I've looked at homes that have been available for Rent for over 4-6 months and they are refusing to negotiate or lower rents. They could have already been halfway through a year long lease on places and they are refusing to rent in order to get an extra few hundred a month in rent and drive up the market.

People are packing up and going elsewhere. New buildings are being built like mad all around us, and I don't know where they expect these people to come from that will pay their high prices. The smaller property management companies are dropping prices like crazy to get vacancies filled, but the large ones are holding strong with high rents. They have probably been banking absurd rents for the past two years and can afford to sit on these homes long enough now if they can keep getting high rents. But jokes on them, inventory is getting too high.

My rent went up 30% in 2021, and went up another 10% last year. They are now asking for another 5% increase this year. I make good money, but I am effectively paying 50% more money for a home thats half the size of what I used to have. I can work anywhere in the country, so I'm not playing this game and I think many others are in the same boat.

scumbags

That's not natural. That's just holding landlord profits constant.

I walked through Asuncion, Paraguay. People just build shacks and steal power from the lines. It's not the safest or most sanitary but it does the trick.

Many locales don't require building permits for mobile structures (like cars and trailers).

I've wondered if someone could buy some parking lots and just park nice mobile homes on them and rent them out. It'd be sneaky way of creating housing.

Right now, people overconsume because they own the underlying property. If they had to pay cash rent for the same property, they would move. And if they didn't then various taxes would be due on that income. Instead they freeride and externalise the cost of the consumption.

Another alternative is a mass, semi local infrastructure program. One of the reason prices and rents are so high in some places is because there are a very limited number of places you can live and access the city centre within 1h. So we should build a tonne of light rail lines around these cities linking empty areas to them. This is how cities are meant to grow, but it requires government involvement beyond the US political model (investments that take more than 1 election cycle to pay off, reductions in property prices, municipal and rural (and state and federal) governments working together. The same is true here in the UK with London.

Sure. The government could build and subsidize housing.

When you talk about a "moonshot" idea, the Moon landing itself was subsidized with a massive amount of government funding. But it appears that we'd rather put a man on the Moon than take a man off the streets. It's just a matter of priorities.

Apartments are always showing, and people have to give notice so the managers know what's coming availabile.

2 billion or so people were lifted from poverty the past 15 years, increasing consumption and driving global inflation. 15 years ago you were competing with less than 1/2 the number of people for, say, natural gas; and that was before Russia's gas exports were decimated by sanctions.

Many tried to warn of inflation when USGOV stimulus rained down on US citizens & small businesses. With the election looming, nobody listened.

Bottom-line... your elected leaders want to get reelected. They enact laws & policies that are inflationary because the body politic doesn't think long term, follow-on effects & is largely economically illiterate.

You get the economy you deserve, not the one you want.

Let the downvotes begin.

> The biggest wave of new rental buildings in nearly four decades is expected to cut the pace of rent growth across the country.

>Apartment vacancies are piling up. The biggest wave of new rental buildings in nearly four decades is expected to cut the pace of rent growth across the country.

> Now, many of those same places that shot up in price are seeing slides in demand and rents are going down. Between April and October of 2022, rents fell 3% in Las Vegas, 2% in Phoenix and 1% in Tampa, according to Apartment List. All three of those cities saw rents rise more than 30% during the preceding two years.

> nearly half a million new apartment units—the most of any year since 1986—are expected to complete construction by the end of 2023. That will come after more than 400,000 units were completed during 2022...The coming increase in new apartments is most likely to affect rents at higher-end buildings, because there might not be enough people who make enough money to rent them, according to CoStar.

> many housing economists don’t think job and wage growth will be strong enough to sustain much in the way of rent increases [in 2022]

tl;dr Prices are going down in many of the hottest markets in the country. Vacancies are starting to happen and are expected to increase, particularly in higher-end apartments going into 2023.

Now I also know a number of people that got burned very badly by Covid tenants that stopped paying and it took 16 months to evict them.

> "Apartment vacancies are piling up as a wave of new rental buildings are built, cutting the pace of rent growth across the country"

(I agree that some improvement is desirable.)