The real estate industry experienced yet another month of rent prices decline in September. According to Realtor.com, the median asking rent fell for the fifth month in a row. This, even though rent prices are still commonly considered to be highly elevated.
The fall in rents is attributable to multiple factors. To start, a growing rental inventory has caused competition among landlords. Additionally, a lasting trend of decreased number of renters has created bargaining power for individuals who are on the hunt for a new place. Moreover, an increased number of jobs have allowed renters more options to either rent or buy a home.
In summary, the real estate industry experienced a fifth consecutive month of rent decline in September. This is due to multiple factors, including a growing rental inventory, decreased the number of renters, and an increased availability of jobs. As a result, renters are now better able to bargain and have more options to either rent or buy.
You can read this full article at: https://www.housingwire.com/articles/rents-dropped-again-in-september-realtor-com/(subscription required)
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