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What Happens to Rent Prices When 1,000,000 New Units Come Online in 2024?
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The rental market has seen massive rent price growth over the past few years, but things are starting to “cool off” as tenant demand falls and multifamily supply increases. Pairing this with recent fears of a recession on the horizon, could rent price growth suffer even more if economic turbulence hits, or would a recession push more people towards the affordable option of renting vs. buying a home? Dave is back to give his rent forecast.
After years of affordability struggles, renters are finally getting a break as rent growth stalls and leasing concessions increase. In some markets, mostly where multifamily has seen HUGE supply jumps, rent growth is going negative.
If you’re a landlord and you’re in one of these heavily-supplied markets, what do you do, and what should you expect over the next year? Dave shares three tips EVERY landlord should follow if you see rents start to slide in your area.
FRED® Graphs Federal Reserve Bank of St. Louis. 2024. All rights reserved. All FRED® Graphs appear courtesy of Federal Reserve Bank of St. Louis. https://fred.stlouisfed.org/
00:00 Rent Prices Cool Off
0:50 Rent Growth Slows WAY Down
02:22 Free Rent?!
04:00 Affordability Finally Improves
05:24 Markets with Best/Worst Growth
06:10 Why Rent Growth is Slowing
08:41 Future Rent Forecast
11:42 Landlords, Do This Now
