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High unemployment rates, income uncertainty, and shelter-in-place orders amid the coronavirus pandemic have kept renters from seeking new living arrangements, slowing the pace of rent increases. The uncertainty of the coronavirus pandemic is weighing on rent prices, pushing growth to a decade low. The growth rate is a stong deceleration from the 2.
Metro areas saw the strongest rent growth, although prices varied greatly across the country, the report showed. Phoenix, Arizona, had the strongest year-over-year rent growth, followed by Tuscon, Arizona, and Charlotte, North Carolina.Leka Devatha quit a cushy corporate career to start flipping houses. She breaks down how she made $1 million on a single deal by supercharging a simple strategy.
In addition, a link between high unemployment rates and slowed or stagnant rent growth is emerging, according to the report.
Rents were high long before the pandemic hit; don't blame that, blame greed.
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