Newsweek on Nostr: Rents in America Finally Drop Below $2,000 a Month ========== Rent in the U.S. fell ...
Rents in America Finally Drop Below $2,000 a Month
==========
Rent in the U.S. fell in December for the third consecutive month, with the median rent dropping nearly 1% to just under $2,000 a month. The decline in rent is attributed to increased supply of homes available for renting, as the housing market sees a rise in the number of new homes being built and completed. Residential vacancy rates also increased to nearly 7% in the third quarter of 2023. Renters in the South and West saw a decrease in rent prices, while the Midwest and Northeast experienced price increases. Experts predict that with mortgage rates expected to stay high, the rental market may continue to grow. However, if mortgage rates continue to drop, rental demand could decrease, leading to further rent declines. The rental market in the U.S. is expected to grow in the future due to the undersupply of the housing market and high prices and interest rates. Redfin suggests that now is a good time for renters to shop around or renegotiate their rent, especially in the South and West regions.
#Rent #HousingMarket #RealEstate #SupplyAndDemand
https://www.newsweek.com/rent-america-below-2000-dollars-month-1859277
==========
Rent in the U.S. fell in December for the third consecutive month, with the median rent dropping nearly 1% to just under $2,000 a month. The decline in rent is attributed to increased supply of homes available for renting, as the housing market sees a rise in the number of new homes being built and completed. Residential vacancy rates also increased to nearly 7% in the third quarter of 2023. Renters in the South and West saw a decrease in rent prices, while the Midwest and Northeast experienced price increases. Experts predict that with mortgage rates expected to stay high, the rental market may continue to grow. However, if mortgage rates continue to drop, rental demand could decrease, leading to further rent declines. The rental market in the U.S. is expected to grow in the future due to the undersupply of the housing market and high prices and interest rates. Redfin suggests that now is a good time for renters to shop around or renegotiate their rent, especially in the South and West regions.
#Rent #HousingMarket #RealEstate #SupplyAndDemand
https://www.newsweek.com/rent-america-below-2000-dollars-month-1859277