On average, rent prices rose nearly 18 percent in less than a year last year, so while prices remain high they may have turned a corner, according to a recent report from Apartment List.
Apartment List economists Chris Salviati, Igor Popov, Rob Warnock, and Lilla Szini write that, “Sixty-one of the nation’s 100 largest cities saw rents fall this month, indicating a widespread rental market cooldown.
“In particular, Seattle and San Francisco both landed in the top five for largest month-over-month declines, signaling that these pricey tech hubs may be entering a second phase of COVID-related rental market softness. More broadly, our national vacancy index ticked up again for the fourth straight month, as we enter 2022 amid an easing of the tight market conditions that characterized 2021.” Read more.
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