Today, in the Calculated Risk Real Estate Newsletter: Rents Continue to Decline; “Apartment Market Loosens”
A brief excerpt: The rental market has changed rapidly. This index from the National Multifamily Housing Council (NMHC) has been an excellent leading indicator for rents and vacancy rates, and this suggests higher vacancy rates and falling asking rents in the coming months.
From the NMHC: Rents Continue to Fall as Apartment Market Loosens, Transactions Pull Back Due to Higher Interest Rates• The Market Tightness Index came in at 14 this quarter—well below the breakeven level (50)—indicating looser market conditions for the second consecutive quarter. Over three-quarters of respondents (78%) reported markets to be looser than three months ago, while only 5% thought markets have become tighter. Another 16% of respondents thought that market conditions were unchanged over the past three months.There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/