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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WSJ Your Money Briefing · New-Lease Rents Are Declining for the First Time in Years · 16 Jun 2023 podcast

In a few parts of the country, the rents that landlords are charging is actually down somewhat.

But broadly, what you're having nationally is a moderation, and rent is finally not catapulting upwards like it was.

Since the pandemic, rent went up something like more than 25 percent, according to most metrics.

And it did that really quickly, you know, within about 18 months, certainly less than two years.

And there's really no comparison for that in recent history.

It was a rate of increase that certainly most renters had never experienced in their lifetimes.

Yeah, especially early on in 2020, you had a lot of job insecurity, a lot of layoffs, and it wasn't long after that that you started to see things change in the housing market and prices go upwards before many people had really recovered.

So what we're seeing right now broadly is not so much a decline in the nominal rent that you're charged every month, but just this out-of-control growth of rents upwards is coming back down to earth.

So the pace of rent increases is much, much slower.

It's pretty close to flat.

And a few parts of the country...

The rents that landlords are charging is actually down somewhat.

It is negative.

And those places include cities in the southwest like Phoenix or Las Vegas, which saw some of the most stratospheric rent increases earlier in the pandemic.

Those places prices are starting to come down.

But broadly, what you're having nationally is a moderation and rent is finally not catapulting upwards like it was.

You know, it's a few things.

Starting last year, you started to see demand for apartments come down a bit.

Fewer leases happening, vacancies rising.

And part of that was simply that rent prices were too high to be sustained, that there were too many renters that had to make critical decisions about their housing because of how high prices were.

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