3 ms·
This is quite a news. I just looked at renting page of my formal apartment in Wayback Machine. They had listed 3 bedroom + garage at $2200 in Puget Sound area f
by sytelus 10y ago
This is quite a news. I just looked at renting page of my formal apartment in Wayback Machine. They had listed 3 bedroom + garage at $2200 in Puget Sound area from January to May. Now its $2100. Not a big decrease but I don't recall I had ever seen a decrease during past 5 year or so. It's actually quite shocking.
This probably means that the real estate price cycle theory is right. First house prices goes up so construction boom starts and then supply overfloods the market and suddenly there are no takers which brings rent as well as house prices down. It's closed loop with delays so you get overshoots and undershoots. This can be mark of price fall for next 3-5 years in real estate as well rents.
- adventured 10y agoIt's fascinating that it's happening at a time when wage growth across the board is at a eight to nine year high (and plausibly heading even higher so long as unemployment remains where it is). So whatever supply is coming on-line, is entirely cancelling out that wage growth.