Check out the rental trends in your own city. The construction boom of apartment and condo buildings around the US, especially in high-priced metro areas on the East Coast and the West Coast, is now colliding with the reality of squeezed household incomes and soaring rents. As a consequence, in many of the hottest markets – including San Francisco, where the explosion in rents is called ‘The Housing Crisis’ – rents have started to drop.
Landlords are competing with a surge of new supply from new apartment and condo developments. Incentives, such as one month free rent, a rarity in hot markets like San Francisco, have reappeared. And in some of the neighborhoods with new apartment towers, the ‘now leasing’ banners are everywhere.
On a month-to-month basis, median asking rents of one-bedroom apartments fell in 10 of the top 12 rental markets in August, according to the Zumper National Rent Report, which analyzes rental data from over 1 million active rental listings in the US.
This post was published at Wolf Street on September 2, 2016.
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