US renters get a bit of relief on surge in apartment construction

It panned out exactly as we predicted: As more apartments have opened up, rents have decreased. “Bigger metro areas [like] Austin, Phoenix and Atlanta each added at least 16,000 units over the past year, increasing their inventories by as much as 5.6 percent. Rents consequently fell in each market, compared with essentially flat levels nationwide, according to Jay Parsons, chief economist at RealPage.” Rents stayed flat or increased in places where housing lagged.

Source: https://www.businesstimes.com.sg/property/us-renters-get-bit-relief-surge-apartment-construction