Apartment rent prices fall as new units hit market

Apartment rental prices have dropped in every major metropolitan region across the U.S. over the past seven months as the largest batch of new housing in almost 40 years hits markets across the country.

Rents for new leases have fallen most steeply in some of the U.S.' largest metropolitan areas within the past half year. Rents in Boston fell 6%, while rents in Las Vegas and Los Angeles dropped roughly 5%, according to Apartment List. In the Boston metro area, the median rent was $2,058, while the median rent in the Las Vegas and Los Angeles metropolitan regions were $1,491 and $1,660, respectively.

However, the latest drop rents could signal that housing demand is now moderating. In recent months, layoffs have slammed industries from tech to finance, and prices for basic goods like groceries remain elevated as the cost of living keeps rising. As a result, many would-be renters are reconsidering how much of their salaries they're willing to allocate toward housing, while others move back in with family members to save money.

Clue.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Apartment Rents Fall as Crush of New Supply Hits MarketRent declines in major U.S. metro areas signal tenants may be maxed out on how much income they can devote to housing More likely, people moving out of progressive left crime-ridden cities. Maybe the land lords shouldn’t be squeezing everyone to the max? Capitalism is dependent on consumption. NY and CA consume a lot. If you want to live by your beliefs, stop consuming so much. Focus on what you have control of
Source: WSJ - 🏆 98. / 63 Read more »