– The rental market is seeing a significant increase in inventory as we rollover into the new year
– Because of this increase, the growth rate for rental rates is cooling off. (Rejoice, dear renters!)
– The influx of inventory offers both pros and cons for landlords and tenants.

Renting a home is no longer akin to highway robbery

Major Inventory Boost and Slowing Rental Growth – The Twists and Turns of it All

Landlords and Tenants Alike Brace for the Impact

Many of us jumped in glee when we heard the old adage “What goes up must come down” finally apply to the swollen rental rates. The rental market enters the new year with a bang by offering more vacancies and a lowered inflation of rental prices, which was previously running wild like a ravenous beast let loose from its cage.

However, this festive bundle of wonderful news isn’t all sunshine and rainbows for everyone. For landlords, the overflowing inventory means increased competition – their listings are now lost in an ocean of rentals bobbing like corks on the water.

But, alright, renters, before you POP those champagne bottles and drench your friends in joyous celebration, remember this: a higher inventory might translate into a renter’s market but it could also cause instability as landlords might resort to some wacky strategies to keep their units occupied. Capisce? To stay afloat in this suddenly bloated market, some landlords might resort to extreme tactics – like throwing in a free Netflix subscription or a promise to finally fix that leaky faucet that’s been a persistent annoyance.

So, What’s Next on the Real Estate Roller Coaster?

At the end of the day, what we’re seeing is a balancing act. The market giveth and the market taketh away. This buffet of real estate prospective could be a feast for renters and indigestion for landlords. Or, it could bring about an upheaval that upsets everyone’s apple cart. Who knows though, maybe some savvy landlords have already begun training pet monkeys to do odd jobs in their apartments. Wouldn’t that be a sight?

Now, go ahead and pour yourself a strong cup of reality and sit tight because the only thing predictable about the real estate market is its unpredictability – it’s a wild ride that only the bravest (or craziest!) among us are willing to ride. Here’s to a prosperous new year in rentals… or not! */

Original article: https://www.inman.com/2024/01/02/inventory-boost-expected-to-slow-rent-growth-to-1-5/