Why your rent is about to fall
A report by RealPage, a real estate software company, declared that property owners will have to compete more fiercely for tenants this year due to vacant units, a softening of apartment hunters and an influx of supply. Even though the job market is strong and wages have been rising, apartment vacancies leaped up to 5 percent from 2.5 percent the previous year. That means some might have to dole out free months and/or lower the asking rents, but RealPage still predicts a bump of 3 percent in rent nationwide. And if inflation eases and fears of a recession don’t pan out, it could release a pent-up demand.
