Odd Lots The "Big Shift" That's Finally Causing Rents to Fall
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Jan 30, 2023 Chris Salviati, Senior housing economist at Apartment List, dives into the changing rental landscape that has tenants finally seeing a dip in prices after a surge. He reveals how private sector metrics indicate falling rents and discusses factors like remote work and economic shifts driving this trend. The conversation also touches on the challenges landlords face, the impact of multifamily housing construction, and the evolving preferences of millennials moving from urban centers to suburban living. A must-listen for anyone navigating the rental market!
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Joe's Rent
- Joe Weisenthal got a good deal on his Manhattan rental during the pandemic.
- He's worried his landlord will raise the rent to market price.
Tracy's Rent Negotiation
- Tracy Alloway got a less favorable rental deal post-pandemic.
- Her rent automatically increased by 5%, but she negotiated a $75 monthly discount.
Rent Index Calculation
- Apartment List's national rent index is calculated using a repeat transaction methodology.
- This tracks individual units over time, compares previous and current rents to calculate price changes.