Rent Prices Dropping in Some Cities as New Housing Supply Outpaces Demand
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Rent prices are dropping in many cities due to an increase in housing supply and new developments coming online. Prices may fall further in 2024.
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Sun Belt cities like Phoenix, Austin, Orlando have seen rents drop 5-11% as supply catches up with demand.
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Cities like Denver, Las Vegas, Salt Lake City may be reaching "oversupply" with more units than renters.
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If interest rates fall in 2024, some renters could become homebuyers, further reducing demand for rentals.
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Cities like NYC remain undersupplied and have very high median rents over $4,000 for a 1-bedroom.