228: Demand for Rentals is Rebounding as Affordability Begins to Improve w/Jay Parsons
Downward pressure on rent prices is causing a “cascade” effect across all unit types. Whether you live in a luxury apartment or budget-friendly multifamily building on a busy street, you’ve probably seen asking rents lowering around you with apartment concession offers in many leasing offices. With multifamily supply hitting “peak completions,” apartment operators have had to tackle rising vacancy rates by lowering rents. But this trend could be reversing soon, just as things were getting more affordable for renters.
Jay Parsons, rental housing economist, spends much of his day searching…
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