Apartment cooldown continues nationally as rents drop for third consecutive month - Silicon Valley Business Journal

  • 📰 svbizjournal
  • ⏱ Reading Time:
  • 40 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 59%

Sverige Nyheter Nyheter

Sverige Senaste nytt,Sverige Rubriker

Among larger metropolitan areas, tech-centric cities are seeing more pronounced apartment rent declines, which could be correlated with job losses being disproportionately felt in those places.

Same-store effective asking rents for new leases nationally fell 0.59% in November, according to Richardson, Texas-based RealPage Inc. Not only is it the third month in a row of declines, but November was the third-largest month-over-month cut since 2010. The other two months that posted bigger reductions since 2010 were April and May 2020, at the onset of the Covid-19 pandemic.

Apartment occupancy nationally has fallen slightly below pre-pandemic highs as a result. Occupancy in November was at 95.1%, less than the 95.6% occupancy observed in November 2019. "Supply is structural but demand is cyclical," he continued."For 2023 in particular, it’s very unlikely that demand will keep pace with supply. Some of these lease-ups will take longer to fill up. It's going to be very, very competitive."

Areas like Fort Walton Beach, Florida, and Boise, Idaho saw the biggest month-over-month cuts last year, or about 2%. Honolulu and Vallejo/Fairfield/Napa, California, saw year-over-year declines last month. That may suggest destination-type markets are seeing an outsized slowdown in apartment demand than other markets.

 

Tack för din kommentar. Din kommentar kommer att publiceras efter att ha granskats.
Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

 /  🏆 334. in SE

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

Oracle selling part of Silicon Valley campus - Silicon Valley Business JournalThe enterprise software giant has quietly put up for sale a 53-acre site located just up the road from Intel Corp.'s headquarters.
Källa: svbizjournal - 🏆 334. / 59 Läs mer »

Mastro's Steakhouse to open at Westfield Valley Fair Wednesday - Silicon Valley Business JournalThe upscale seafood and steak restaurant is the first San Jose location for Houston-based Mastro's Restaurants.
Källa: svbizjournal - 🏆 334. / 59 Läs mer »

Tigo Energy plans to go public in $730 million SPAC merger - Silicon Valley Business JournalThe 15-year-old company Tigo Energy is the latest to say it's headed to Wall Street. Plus, a roundup of other funding and M&A news from Bay Area startups.
Källa: svbizjournal - 🏆 334. / 59 Läs mer »

Meet the Bay Area's newest Michelin star restaurants - Silicon Valley Business JournalSix restaurants in San Francisco lost their starred status on this year's Michelin Guide.
Källa: svbizjournal - 🏆 334. / 59 Läs mer »

Four Seasons Napa Valley owners sued for unpaid construction work - San Francisco Business TimesHalf a dozen entities have filed liens on the property worth $3.8 million or sued the current and former property owners.
Källa: SFBusinessTimes - 🏆 78. / 68 Läs mer »