Housing market forecast: home prices & rental rate outlook, Ivy Zelman

So when Zelman says things are shifting in a better direction — for renters, anyway — it might be cause for celebration.Zelman believes that a tidal wave of new apartments are going to be ready for renting at the end of 2023 or early 2024, and it's going to make a huge difference in the rents that landlords can charge.

Rents grew quickly after COVID-19 restrictions were lifted, but now those increases are dropping back to a more standard pace, which Zelman says is generally 2% to 4% per year. But that's going to happen as a lot of new supply becomes available, which will put more pressure on prices. "We're not in the camp that a lack of inventory is a positive for the housing market," she said."There's a disincentive to move even though you have substantial equity."

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US consumer confidence hits nine-month low; housing market bottoming outU.S. consumer confidence dropped to a nine-month low in April as worries about the future mounted, further heightening the risk that the economy could fall into recession this year.
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