Rents Drop For The First Time In Nearly Two Years As The Housing Market Cools
Rents Drop For The First Time In Nearly Two Years As The Housing Market Cools
Abstract
None of the top 40 largest markets saw year-over-year asking rents expand in August, pointing to the overall deterioration of market conditions. Palm Beach saw a dramatic slowing of growth, with asking rents decreasing from 30.6% in the fourth quarter of 2021 to 8.2% at the end of August. Phoenix follows close behind with year-Over-year rents dropping to 5.3% in August. Tampa and Las Vegas. The Zumper.com report analyzed active listings last month. An estimated 420,000 new apartment rental units are projected. New York is poised to surpass the Dallas-Fort Worth metro area in apartment construction for the first time since 2018. The construction boom is driven by pent-up for apartment construction.