Rents Slowest Spring Climb in 5 Years
Business & Finance News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Apartment rents see slowest growth in years, with national median rent edging up just 0.4% in March, marking the biggest annual drop since 2017. Job cuts, inflation, and increased supply are causing a slowdown in demand, with vacancy rates at their highest since 2017. Regional variations exist, with cities like Austin, Phoenix, and Denver experiencing sharper declines, while San Jose, San Francisco, and Chicago see bigger gains. Concessions are at a decade-high, with 16.6% of landlords offering free rent or gift cards.
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