Construction permits for multifamily housing rose 9% in July compared to June.
A Realtor.com report found that there was a 1.7% decrease in rent prices compared to April of last year. The reason? More supply and less demand.
New data from Zillow shows renting is getting more affordable thanks to new supply.
The main reason rents are steady or even declining slightly? Construction of new apartments is near a 50-year high.
The construction flatline stems from interest rate hikes — new projects are less affordable, and that’s starting to affect builders.
The Census reports that construction of multifamily homes, like apartment buildings, was up about 25% year-over-year.
