{"id":1453619,"date":"2024-01-27T14:55:00","date_gmt":"2024-01-27T19:55:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1453619"},"modified":"2024-01-27T14:55:00","modified_gmt":"2024-01-27T19:55:00","slug":"us-median-rents-slide-for-eighth-month-on-surge-in-new-apartment-supply","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/us-median-rents-slide-for-eighth-month-on-surge-in-new-apartment-supply\/1453619\/","title":{"rendered":"US Median Rents Slide For Eighth Month On Surge In New Apartment Supply\u00a0"},"content":{"rendered":"<p><span class=\"field field--name-title field--type-string field--label-hidden\">US Median Rents Slide For Eighth Month On Surge In New Apartment Supply\u00a0<\/span><\/p>\n<div class=\"clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item\">\n<p>High-frequency data from\u00a0<a href=\"https:\/\/www.realtor.com\/research\/december-2023-rent\/\"><em>Realtor.com<\/em><\/a>\u00a0shows US median rents slid in December on a year-over-year basis for the eighth consecutive month, down -.4% for 0-2 bedrooms across the 50 top metro areas. The median asking rent was $1,713, down by $4 from last month and $63 (-3.5%) off the July 2022 peak. However, rents are still $309 (22.0%) higher than the same time in 2019.\u00a0<\/p>\n<p><a href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/2024-01-26_10-42-26.png?itok=xtIvWIj_\"><\/a><\/p>\n<p>&#8220;In 2023, the rental market experienced a significant shift in momentum,&#8221; Realtor said, explaining that the &#8220;influx of record-high new multi-family homes exerted downward price pressure on median asking rents&#8221; and added this trend will continue producing &#8220;weakness in the rental market for 2024, as the completion of much-needed supply is expected to further impact the dynamics.&#8221;\u00a0<\/p>\n<p><a href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/2024-01-26_10-42-36.png?itok=k7e_5BAT\"><\/a><\/p>\n<p>The report pointed out that metro areas across the West, such as San Francisco and Los Angeles, saw continued declines in rent prices on a year-on-year basis. However, some of the most significant declines were in the southern tier of the US, as multi-family completion rates soared 32% from January to October.\u00a0<\/p>\n<p><em>Specifically, the top 3 metros experiencing the most significant year-over-year rent declines are Orlando, FL (-6.2%), Austin, TX (-5.4%) and Dallas, TX (-4.7%). -Realtor<\/em><\/p>\n<p>In a separate report, rental property software provider RealPage said US apartment supply topped a 36-year last year with 440,000 apartment units completed &#8211; and that figure could be even higher this year.\u00a0<\/p>\n<p>Rent costs are sliding, and since shelter constitutes a third of the Consumer Price Index (CPI) basket, the rising supply of apartments will likely reduce rent costs further &#8211; this is good news for the Fed&#8217;s war on inflation.\u00a0<\/p>\n<\/div>\n<p>      <span class=\"field field--name-uid field--type-entity-reference field--label-hidden\"><a title=\"View user profile.\" href=\"https:\/\/cms.zerohedge.com\/users\/tyler-durden\" class=\"username\">Tyler Durden<\/a><\/span><br \/>\n<span class=\"field field--name-created field--type-created field--label-hidden\">Sat, 01\/27\/2024 &#8211; 09:55<\/span><\/p>\n<p>\u200b<a href=\"https:\/\/www.zerohedge.com\/personal-finance\/us-median-rents-slide-eighth-month-surge-new-apartment-supply\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a>\u00a0<\/p>\n<p>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>US Median Rents Slide For Eighth Month On Surge In New Apartment Supply\u00a0 High-frequency data from\u00a0Realtor.com\u00a0shows US median rents slid in December on a year-over-year&#8230;<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-1453619","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pbimBl-669t","jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1453619","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1453619"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1453619\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1453619"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1453619"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1453619"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}