A new report from Redfin says an increase of new rentals hitting the market coincided with a slowdown in tenant demand. They say even though rent growth remains positive, for the past 11 months it has been gradually cooling, rising just 0.3% in April. However, as we have seen in another post, they point out that rental vacancies have hit their highest levels in 2 years.
“A lot of renters took on roommates or moved in with family when rents increased dramatically during the pandemic, which left more rentals and fewer renters needing places…Landlords who increased prices too quickly are now feeling the impact as the market calms and rents decrease to more reasonable levels.” Said Van Welborn, a Redfin Premier real estate agent in Phoenix.
Click here to read the full report at Redfin.
