Apartment for rent in St. Paul, Minnesota.Michael Siluk | UCG | Universal Images Group | Getty ImagesDriven by the work-from-home dynamic, as well as by new migration patterns, both single-family and multifamily rent prices were red-hot during the first years of the pandemic.Now different drivers are pushing some rents higher — and throwing cold water on others.Multifamily rents in April were 0.8% lower than they were in the same month last year, according to Apartment List. Rents cooled because a massive amount of new supply entered the market, with still more in the pipeline.Apartment rents did rise for the third straight month, but the growth, at 0.5%, is very small. Rents usually begin to rise in the spring, and the gain this year is not only smaller than usual but smaller than the previous month’s gain. The national median rent in April was $1,396.”This is typically the time of year when rent growth is accelerating heading into the busy moving season, so the fact that growth stalled this month could be a sign that the market is headed for another slow summer,” according to the Apartment List report.Apartment vacancies are also climbing, hitting 6.7% as of March, marking the highest reading since August 2020. New multifamily building permits are slowing down, but the number of units currently under construction is near a record high, and last year saw the most new apartments hit the market in over 30 years.Single-family rents are much stronger, up 3.4% in March year over year, according to a new report from CoreLogic. That annual increase, however, continues to shrink as more supply comes onto the market from build-for-rent companies.Roughly 18,000 single-family, built-for-rent homes were start …
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[mwai_chat context=”Let’s have a discussion about this article:nnApartment for rent in St. Paul, Minnesota.Michael Siluk | UCG | Universal Images Group | Getty ImagesDriven by the work-from-home dynamic, as well as by new migration patterns, both single-family and multifamily rent prices were red-hot during the first years of the pandemic.Now different drivers are pushing some rents higher — and throwing cold water on others.Multifamily rents in April were 0.8% lower than they were in the same month last year, according to Apartment List. Rents cooled because a massive amount of new supply entered the market, with still more in the pipeline.Apartment rents did rise for the third straight month, but the growth, at 0.5%, is very small. Rents usually begin to rise in the spring, and the gain this year is not only smaller than usual but smaller than the previous month’s gain. The national median rent in April was $1,396.”This is typically the time of year when rent growth is accelerating heading into the busy moving season, so the fact that growth stalled this month could be a sign that the market is headed for another slow summer,” according to the Apartment List report.Apartment vacancies are also climbing, hitting 6.7% as of March, marking the highest reading since August 2020. New multifamily building permits are slowing down, but the number of units currently under construction is near a record high, and last year saw the most new apartments hit the market in over 30 years.Single-family rents are much stronger, up 3.4% in March year over year, according to a new report from CoreLogic. That annual increase, however, continues to shrink as more supply comes onto the market from build-for-rent companies.Roughly 18,000 single-family, built-for-rent homes were start …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]
