Apartment Rents Surge As Vacation Rentals Reduce Supply for Tenants

The nation has more than 600,000 homes listed as short-term rentals, which has coincided with the rise in apartment rents. This is causing many cities to believe correlation is causation, and now they’re regulating in earnest because they believe vacation rentals are suppressing needed long-term housing supply. However, this doesn’t take into account the fact that people flocked to Sun Belt cities during the pandemic or that cities aren’t building enough to keep up — for both long- and short-term renters. Despite continuing strong demand, new regulations are preventing developers from building both types.

Source: https://www.orionprop.com/topfive/apartment-rents-surge-as-vacation-rentals-reduce-supply-for-tenants/