Real Estate Rents are DROPPING
Real Estate Rents are DROPPING
Landlords in the US Rental Market are being forced to cut the rent in cities like Las Vegas, Austin, and Phoenix due to declining demand and increasing vacancies.
The rent cuts could be the prelude to a selloff by these landlords later in 2023 and 2024 as some are now losing money on their rental property.
Real Estate Rents are DROPPING
Data from Apartment List shows 57 of the 100 largest cities in America now have declining rents over the last year. Which is hurting real estate investor profitability at a time when mortgage and interest rates have surged, a nasty cocktail that will likely induce some of these investors to sell.
One city where landlords are having big issues is Austin, TX, particularly a Wall Street Landlord like Progress Residential. In Austin the rents have dropped over the last year and are flat over the last two years. Meanwhile, Property Taxes have exploded, meaning that many real estate investors in Austin are losing money on their rental. Will they sell? I think some will. Especially considering that there are 17 million rental housing units in America according to data from the US Census Bureau. Only a small share of landlords need to experience distress to flood the market with inventory.
Another city that is experiencing issues in its rental market is Las Vegas. Where the apartment vacancy rate has more than tripled from 2.5% in August 2021 to 8.7% today. Such a big increase in vacant apartments is causing landlords in Las Vegas to have to compete for tenants, which is driving down rents.
Real Estate Rents are DROPPING
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