This US region is seeing the biggest rent declines as owners struggle to fill vacancies, Redfin says – By Filip De Mott (Business Insider) / May 17, 2024
- Metros in the Sun Belt are notching the steepest rent declines in the country, Redfin reported.
- The pandemic-era demand that led to accelerated construction has since subsided, leading to more vacancies.
- These declines are happening as rent rises nationwide.
The country’s steepest rent declines are happening in metro areas across the Sun Belt as pandemic-era demand spikes subside, Redfin reported Friday.
Leading the regional trend is Austin, Texas, where rent fell 6.6% on an annual basis last month. Runner-ups included Nashville, Tennessee, Jacksonville, Miami, and San Diego.
“The Sun Belt has built a ton of new apartments in recent years, partly to meet the surge in demand brought on by the flood of people who moved in during the pandemic housing boom,” Redfin Senior Economist Sheharyar Bokhari said in the report. “But the boom is over, and now property owners are struggling to fill vacancies, which is causing rents to fall.”
