8 cities seeing rent declines YoY

[Justin Moy]

Cities like Phoenix, Vegas, Seattle, Austin, and Atlanta are seeing YoY rent decline.

The cities with the highest rent growth in May were Indianapolis & Kansas City.

Some believe this is due to increasing supply, with cities that saw huge increases in demand now starting to project a big pipeline of deliveries, with 900k units being delivered by the end of 2024.

Built to rent has also seen huge growth with 3x as many units under development this year.

Are you surprised by these cities starting to see rent declines?