Real Estate

Apartment rents on verge of declining due to massive supply


Apartment rent prices approach negative territory

Apartment rents have been cooling off sharply for several months, and they look like they’re about to go negative compared with a year ago.

Rents in August were just 0.28% higher than August 2022, according to real estate tech platform RealPage. Compare that to a year ago, when rents were posting 11% annual growth. With the exception of a very brief drop during the Covid lockdowns, rents have not shown negative annual growth in well over a decade. When they did, it was due to a recession hitting demand.

That is not the case now. Apartment occupancies nationally are at a pretty healthy 94%, which is right along historical norms. High mortgage rates combined with high home prices and tight…


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