Rents Dip in Some Expensive Cities
In many downtown neighborhoods in Seattle, rents have gone up 50% over the last five years, but this year that trend has changed, Alan Greenblatt reports for Governing. "Rents are going down fastest in the neighborhoods in and around downtown, which have been the most in-demand and, consequently, have seen the most recent construction," Greenblatt writes. Other cities that have seen rents fall include: New York, Portland, and Washington, D.C.
As with all changes in rents, the numbers vary by neighborhood and type of home. "In the major cities, the vast majority of apartments being built are designed to serve luxury or at least high-end markets. There’s very little in the way of new housing that’s considered affordable," Greenblatt writes. Experts predict the building trend that pushed these rents down will slow, so the relief for renters may end up being short-lived.