After years of rising housing costs, renters will see some relief in 2023 as supply rises and more tenant households stay put.
“Shifting supply and demand dynamics in 2023 will likely give renters the upper hand as they look to lease new units, tempering rent growth after a historic run-up in prices during the course of the pandemic,” reports Lynn Pollack in Globe St.
Despite record new inventory of multifamily units, experts expect that fewer renters will be trying to move, giving them more bargaining power, Pollack explains. “We’re on track to end 2022 with the weakest net apartment demand since 2009. Low consumer confidence and weak household formation tells us Americans are in ‘wait and see’ mode,” says Jay Parsons, Head of Economics and Industry Principals at RealPage.
According to ApartmentList, “This shift already appears to be underway, as evidenced by the recent declines in the national median rent. The factors that have driven that dip – namely, cooling demand colliding with rising inventory – are likely to persist into next year.” This is good news for renter households, particularly as pandemic-era eviction protection and rental assistance programs come to an end.
FULL STORY: Renters On Track To Have The Upper Hand In 2023
Rents Rose Between December and January
After dropping to a three-year low, U.S. rent costs grew in many major cities.
Austin Rents Fall for 19th Straight Month
Thanks to a construction boom, the city is no longer the most expensive housing market in Texas.
Renters Now Outnumber Homeowners in Over 200 US Suburbs
High housing costs in city centers and the new-found flexibility offered by remote work are pushing more renters to suburban areas.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Congressman Proposes Bill to Rename DC Metro “Trump Train”
The Make Autorail Great Again Act would withhold federal funding to the system until the Washington Metropolitan Area Transit Authority (WMATA), rebrands as the Washington Metropolitan Authority for Greater Access (WMAGA).
The Simple Legislative Tool Transforming Vacant Downtowns
In California, Michigan and Georgia, an easy win is bringing dollars — and delight — back to city centers.
The States Losing Rural Delivery Rooms at an Alarming Pace
In some states, as few as 9% of rural hospitals still deliver babies. As a result, rising pre-term births, no adequate pre-term care and harrowing close calls are a growing reality.
The Small South Asian Republic Going all in on EVs
Thanks to one simple policy change less than five years ago, 65% of new cars in this Himalayan country are now electric.
DC Backpedals on Bike Lane Protection, Swaps Barriers for Paint
Citing aesthetic concerns, the city is removing the concrete barriers and flexposts that once separated Arizona Avenue cyclists from motor vehicles.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Smith Gee Studio
City of Charlotte
City of Camden Redevelopment Agency
City of Astoria
Transportation Research & Education Center (TREC) at Portland State University
US High Speed Rail Association
City of Camden Redevelopment Agency
Municipality of Princeton (NJ)