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2018: Rent to Soften, Affordable Rentals Still a Problem
With the new year upon us, real estate forecasts are dribbling out, focused on what 2018 will bring. Apartment List, for one, believes that the already delivered supply in 2017, and the units forecast to come online in 2018, will lead to a glut. This, in turn, will lead to softening rent growth, especially among high-end, luxury apartments. Affordable rentals will also continue to be a problem.
Apartment deliveries are focused on higher-income renters. However, one in four renters in the country are cost burdened, with that percentage even higher in New Orleans and Los Angeles. What’s telling is that, from 2010-2016, the share of affordable partners fell from 11.2% to 4.3%, according to Harvard Joint Center for Housing Studies.
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