3 ms·

Can you please provide a source for the rent decreasing? Maybe a site showing the historical rental cost(s) for a given unit? I've not seen that happen in my ma

Can you please provide a source for the rent decreasing? Maybe a site showing the historical rental cost(s) for a given unit? I've not seen that happen in my market at all, I've only seen existing rental rates increase. Edit: I think I see where a lot of our disconnect is coming from. We have no rent control here, rent very rarely decreases and is mostly pegged to comparative sq.ft. rentals in the area. Age of the property does not factor as much as location.

bombcar 3y ago
It’s also simple math. If 10k new units are built, you either need 10k new people to enter the market, or prices will drop. Do enough of it and rents will begin to fall below loan maintenance, causing even more sales and more price drops.
OrwellianChild 3y ago
Rent control only fights against upward pressure for existing renters... When you describe rents continually going up, it's due to more people competing for limited rental units. Cities can and do see rent declines (they first show up as "first month free" etc. before landlords bite the bullet and reduce rate). Seattle has seen temporary competition for rents in some neighborhoods as new construction started in 2019/2020 comes online. It won't last since we've seen such a decline in new construction starts, but the mechanism is sound.