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Apartment Rent Relief Is Expected to Continue in 2024

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Apartment Rent Relief Is Expected to Continue in 2024

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https://www.wsj.com/real-estate/apartment-rent-relief-is-expected-to-continue-in-2024-9acf43d1

 1. Real Estate


APARTMENT RENT RELIEF IS EXPECTED TO CONTINUE IN 2024


A JUMP IN NEW SUPPLY HAS PUSHED UP VACANCY, MAKING IT HARDER FOR LANDLORDS TO
RAISE PRICES

By

Will Parker


Jan. 2, 2024 9:00 am ET

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(2 min)



Apartments under construction last year in Austin, Texas, one of the cities
adding the most new units. Photo: Brandon Bell/Getty Images

The apartment rental market finally stopped clobbering tenants with big price
increases in 2023. That trend will likely continue in the new year, even as job
growth and housing demand remain high in many parts of the country.

Relief for tenants has come from a surge in new supply that has pushed vacancy
higher, making it harder for landlords to raise prices. Many tenants have also
simply reached the limits of what they are able to pay after years of big rent
hikes, housing analysts say.

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