When viewed through a wide lens, renters across the U.S. finally appear to be getting some relief, thanks in part to the biggest apartment construction boom in decades
Median rent rose just 0.5% in June, year over year, after falling in May for the first time since the pandemic hit the U.S. Some economists project U.S. rents will be down modestly this year after soaring nearly 25% over the past four years.
The rent on her one-bedroom apartment jumped 13% last year to $1,700. It climbed another 6% to $1,800 this month when she renewed her lease. That scenario is playing out across the nation. Developers are rushing to complete projects that were green-lit during the pandemic-era surge in demand for rentals or left in limbo by delays in supplies of fixtures and building materials. Nearly 1.1 million apartments are currently under construction, according to the commercial real estate tracker CoStar, a pace not seen since the 1970s.
“I think we’re in a period of rent flattening for 12 or 18 months, but it’s certainly not a big rent decline,” said Hessam Nadji, CEO of commercial real estate firm Marcus & Millichap. In the New York metro area, the median rent climbed 4.7% in June from a year earlier to $2,899, according to Realtor.com. In the Midwest, rents surged 5.6% in the Cincinnati metro area to $1,188, and 6.9% to $1,350 in the Indianapolis metro area.
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