Rent is falling fastest in markets that added the most new supply

by Taylor Anderson, Inman

For the second time in three years, the monthly cost of a one-bedroom rental was lower than it was a year ago, according to a new report released Tuesday that showed that the era of unprecedented rent increases is over for much of the country.

The national price of a one-bedroom rental fell 0.7 percent in February. It ticked up 0.7 percent for two-bedroom rentals, according to the new report from Zumper. That increase is below the typical U.S. annual rent increase.

The report is only the latest to find that markets that added the most supply are seeing rent fall fastest, typically in the Sun Belt and across the West, while markets in the Midwest and Northeast that didn't add as much supply are seeing rent continue to rise. Read more

Learn from industry experts and connect with trailblazers who defy market trends

Gain insights into the latest innovations that are shaping the future of real estate. Join us from July 30 to August 1 in Las Vegas.

Learn more about Inman Connect Las Vegas

LeFrak sues NYC housing court as evictions slow to 'surreal' crawl A major New York City landlord is suing the city's Office of Court Administration and City Court, arguing that landlords are being unfairly burdened by the city's inefficient housing court Read more

Home prices hit high in December as 'solid, steady growth' wins out U.S. home price growth posted another record high at the end of 2023, with December marking the seventh-consecutive month of rising prices, according to dueling data released Tuesday by the FHFA and S&P Global. Read more

Institutional investors are scooping up Kiavi's 'fix and flip' bridge loans "Fix and flip" bridge loan provider Kiavi announced Monday that it had closed a $350 million securitization of residential transition loans, bringing the company's total securitizations since 2019 to $4 billion. Read more

Grant Cardone calls on investors to exit New York after Trump verdict The prominent real estate investor is pulling out of New York following the verdict banning former President Donald Trump from conducting business in the state. Read more

Judge rules proposed Chicago transfer tax hike is invalid In a major win for the real estate industry, a judge in Chicago has blocked a referendum that, if passed, would have quadrupled the tax buyers pay on the most expensive property purchases in the city. Read more

Further Reading

Redfin in crosshairs as new lawsuit targets buyer-broker commissions

Gary Keller says 'right now, real estate is in a recession'

NAR breaks silence on DOJ call to decouple commissions

Unsubscribe Manage your email preferences | Contact Inman Customer Service

Was this email forwarded to you? Subscribe here

More ways to connect with Inman:

{if select_status=="active"}Log in to your Inman Select account{else}Get full access with Inman Select{/if} | Attend an event | Our newsletters