Will Parker
speaker
780 appearances
18 recordings
1 series
first heard May 2019
last heard Nov 2024
Will Parker’s voice in public audio — every appearance, attributed to the second.
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Appearances
People who are getting really pinched by these higher prices and making decisions to either move home or move in with family.
And that also leads to more empty apartments and may prompt some landlords to bring down their asking rents.
I think it's unquestionable that after a 25% increase in rents in which there was not a commensurate increase in wages, that's going to have a significant effect on people's financial decision.
And I think it comes from a couple of sides.
On the one hand, a lot of young people may be putting off decisions to rent their first apartment, lengthening their stay with friends and family.
And then there may be also some renters and some survey participants
data suggests this is happening, who are making the decision to not renew leases, to move in with more people or with family because prices have simply become higher than what their incomes can support.
It does follow what we're seeing with home sales.
Prices climbed really high in that market.
Mortgage interest rates, of course, made affordability even worse.
And what you're seeing in rent is a similar dynamic of prices rising and people having to put off those kind of decisions about their housing.
So we're seeing rents come down most in some of the places where they really boomed with the start of the pandemic.
That includes Phoenix and Las Vegas, which were places that sort of swelled with newcomers, many of whom were from California where incomes are higher.
That kind of migration cooled down somewhat more recently.
And so rents, I think, are coming back a bit with that change.
So some of these towns that people move to in large numbers during the pandemic, these so-called Zoom towns where people could work remotely and do everything on Zoom instead of at the office, these places are not seeing quite as much migration as they were a year or two ago.
And so that lesser demand from that group of people is probably affecting what rents landlords are reasonably going to be able to get in those places.
I think the spring will be a big tell for the rental market.
If you see prices continue to decline in the months where you expect them to pop back up, I think it means that a more significant correction is happening with rents.
But if they stabilize, I think it means, unfortunately for renters, that they really can expect rents to go down much more than what they already have since last summer.
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