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Rent Reductions Run Rampant
While rents are peaking, landlords are cutting rental rates in 40 different U.S. cities, according to data from Trulia.com. Over the past 12 months (ending on September 30), 21 percent of listings on the site have seen reductions in rent.
Trulia’s data scientist, Mark Uh, attributes these reductions to two main causes: asking prices were initially set higher than renters were willing to pay; and with all the new supply of apartments coming to market, landlords want to remain competitive.
It’s typical to see such reductions during this season to fill the units that weren’t rented during summer. However, the share of units that are being reduced has increased by half a percentage point over last year.
For comments, questions or concerns, please contact Daniella Soloway
