Even as rents continue to rise nationally, some of the most expensive cities like San Jose, San Francisco, and New York have seen rents fall this year.
Have rents in the most expensive cities in the country finally found their ceiling? An article by Laura Kusisto in the Wall Street Journal reports that at least this year, average rents are declining in San Jose, San Francisco, and New York. "Rents in San Francisco declined 3%, while they fell about 1% in New York and edged lower in Houston and San Jose, Calif., the first drops in those markets since 2010, according to apartment tracker MPF Research. Across the U.S., rent growth was 4.1% on average."
While this report is good news for renters, many believe the days of these cities' sky high rents are coming to a middle. Kusisto says this change in rents will affect new construction. "Few large urban developers have said they are canceling projects in the pipeline, but permits for new projects are down. A slowdown in new construction could help stabilize the market by 2018 or 2019."
FULL STORY: Some Big U.S. Cities See Apartment Rents Fall for First Time in Years
Doubt Cast on Induced Demand for Housing
Applied to roads, the theory of induced demand says new construction only brings out more users. But can something similar be said of housing? According to this research, the likely answer is no.
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
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Republican and Democrat lawmakers criticize the plan for its disproportionate negative impact on rural communities.
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Balancing Bombs and Butterflies: How the National Guard Protects a Rare Species
The National Guard at Fort Indiantown Gap uses GIS technology and land management strategies to balance military training with conservation efforts, ensuring the survival of the rare eastern regal fritillary butterfly.
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