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

So things like adding roommates, moving back in with friends and family, or simply just not deciding to move up in life, perhaps moving from a smaller apartment to a larger apartment, all of that started to back off.

And that meant prices could not continue to grow at the same level they had been.

Other things that were happening is that the migration we were seeing, people moving across the country to new cities and driving up demand, people moving into Sunbelt cities from the Northeast, that kind of activity is also slowing somewhat.

And that's also keeping the demand down in some of these markets that had just grown so quickly.

Yeah, we're seeing a shift in apartment rentals and in single family home rentals.

But it looks like, you know, from most of the data sources that we have, that the slowdown in apartments is greater than it is for single family home rentals.

And part of that might be that the demand for single family home rentals, because of how difficult it is to buy a house, is remaining pretty strong.

Because if you can't buy, if interest rates are just much too high for you to stomach right now, the closest option for you is to rent a similar house.

Well, critically, one thing it means is that when you go to get a renewal from your landlord, if you're going to stay, the rent that they're going to ask you to pay is going to need to come down as the prices for apartments that are available out in the market are no longer skyrocketing anymore.

So what we're seeing is it's not happening super quickly, but landlords are going to have to adjust their expectations more.

for what their current tenants can pay based on what the rest of the market is doing.

So we're going to see more cases where tenants see an opportunity to move to a better apartment with a better rent if their landlords are not adjusting their expectations for what rents are now as quickly as they should be, perhaps.

Nonpayment of rent has not been a huge factor in most of the country.

Even back earlier in the pandemic, it went down for a while but rebounded quite quickly.

Things like rental assistance from the federal government helped make up a lot of that gap.

So, things have continued to be pretty good for property owners and even if rents are flattening out now of something like 30% increase that they enjoyed over the last couple of years, they're still benefiting from that.

The ones that have some problems or that could have some problems are investors who bought buildings recently with a speculative business plan that depended on a rate of rent increase that no longer exists.

people who bought buildings maybe a year or two years ago thinking that rents will keep going up double digits and basing their whole business around that, those people narrowly may be experiencing some trouble because of what's happening now.

Potentially.

Some investors certainly did not anticipate a year in which rent did not go up at all.

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