The Rental Market is Softening

[Andrew Syrios]

It was bound to happen and anyone renting properties knows that it is currently happening. The rental market is definitely softening.

https://fortune.com/2023/09/18/rental-market-softening-lardl...

"Either way, the rental vacancy rate in the U.S. is 6.3%, as tracked by the St. Louis Fed (which uses Census Bureau data); a year earlier, it was 5.6%. Additionally, finished residential projects in buildings with five or more units rose close to 29% year over year in the second quarter, according to Redfin..

"In the West, the median asking rent dropped 1.1% year over year to $2,469 in August. In the South, the median asking rent fell 0.3% to $1,673. However, the median asking rent rose 4.6% over the same period in the Midwest and 1.2% in the Northeast to $1,434 and $2,509, respectively, according to Redfin."