A new Harvard study reports that the rental market began to decline this year, and may continue to drop as higher income renters become homeowners. However, the report was released a week before the GOP tax cuts bill was signed.
It's still illegal to convert rental units into short-term rentals that act as a hotel business in Washington, D.C. A high-profile legal settlement will thus send a bumper crop of rental units back to the market.
According to Joe Cortright, a slowing pace of rent inflation in most large cities in the United States, combined with decreasing rents in many cities, shows how adding supply can help balance the market.
The founders of Vancouver-based Biddwell are hoping to change the way landlords and potential tenants find each other, but a renters' advocacy body sees the new company as bad news for tenants in an increasingly tight housing market.