Apartment Rents Fall Nationwide Amid New Supply Boost
U.S. apartment rents are falling nationwide amid a new boost in housing unit supplies this year.
Apartment rents have declined in every major metropolitan area throughout the United States over the past six months, through January.
The new trend is expected to last into 2024, as more units come online, reported The Wall Street Journal.
The nation is expected to see the biggest wave of newly constructed apartments since 1986, after two years of steep price gains, according to property data firm CoStar Group.
Nearly half a million new apartment units are expected to become available by the end of 2023, after more than 400,000 units were added in 2022, said the data firm, as builders try to fulfil high demand….