CALL US: 602-296-6200
CALL US: 602-296-6200

July’s Apartment Rents Fell For The First Time Since 2020

 July’s Apartment Rents Fell For The First Time Since 2020

Phoenix Business Journal

In July, apartment rental rates declined for the first time since mid-2020, with median rents falling by 0.1% for studios and one-bedroom units, 0.3% for two-bedroom units, and 2.4% for larger units, according to Redfin. Despite these drops, the overall median asking rent rose by 0.4% year-over-year. Several rapidly growing metro areas, especially in the Sun Belt, saw significant rent reductions and increased landlord concessions due to a surge in new apartment construction. Nationwide, 33.2% of rental listings offered concessions in July, up from 25.4% the previous year. Nevertheless, there is concern over the potential oversupply of rental units. The national rental vacancy rate remains steady at 6.6%, with larger buildings experiencing a slight increase in vacancy rates. Multifamily loans are also under scrutiny, as a significant amount of debt is set to mature between 2024 and 2026. 

 

Source: https://www.orionprop.com/topfive/apartment-rents-hit-a-post-pandemic-milestone-and-
more-landlords-are-sweetening-their-deals/

Related post

Subscribe to The Home Front

Fill out the information below to join our newsletter.

This field is for validation purposes and should be left unchanged.