Demand is drying up in the priciest markets.
On the surface, rents, when averaged out across the US, still rose in October, though way slower than during the landlord’s golden days, with one-bedroom median asking rent up 1.5% year-over-year and two-bedroom rent up 2.5%, according to Zumper’s Rent Report.
But beneath the surface, a sea change is underway. Zumper:
Among the top ten rental markets, we saw declines in both of the most expensive markets, San Francisco and New York, a trend that continued from last month, and half of the twenty priciest saw falling rents, including cities like San Diego, and Miami, and Honolulu. The market for two bedroom apartments seems to be slowing down even faster, as prices …
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