Rental markets are cooling, but it 'doesn't mean they're falling,' Harvard researcher says. Here's what that means for renters
Publishing timestamp: 2024-02-01 11:54:10
Summary
The article discusses how rent costs are beginning to come down from record-high asking prices. This is due to an increase in supply and a slowdown in demand. The article mentions that while rental markets are cooling, it doesn't necessarily mean that rents are falling, but rather growing at a slower pace. The easing of rents is happening indirectly, as new builds are mostly higher-end apartment units, which can command higher asking rent prices. It will take time for the increased supply and slowed demand to significantly improve rent affordability across income levels. Some regions are already seeing prices cool due to more new builds, while prices in other regions remain elevated due to less availability.
Sentiment: NEUTRAL
Tickers: RDFN,
Keywords: real estate, personal finance, united states, business news, housing, interest rates, redfin corp,
Source: https://www.cnbc.com/2024/02/01/how-more-apartment-supply-is-helping-rent-prices-cool.html