A Whole Lotta Rent Juggling Nationally
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The rent for one-bedroom apartments is playing a game of Limbo nationwide, dipping by a petite 0.7 percent in the past year
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All markets can’t swing the same rhythm, there’re some party poopers (we see you, Dallas and Buffalo) where the rents have escalated, according to the latest ‘who’s-who’ in the rental world report
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On the flip side, party favorites like San Francisco and New York city are lowering the bar with rent reductions
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In San Fran and NYC, the rent reductions have made these once expensive locales a bit more breathable (think athlete’s lung capacity)
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In contrast, Dallas and Buffalo are acting like pubescent teens, unpredictably sprouting up in rent costs unexpectedly
The Final Laugh: Can’t Stop, Won’t Stop—Shuffle with the Rent Dance
Alright, pull up a chair, grab your popcorn, and let’s do some real estate comedy. So here’s the skinny. The rents in our humble nation have been doing a bit of a back-bend. Down just slightly on the whole (like, barely enough to buy fancy coffee for a month), but as with dancing, not everyone has the same moves.
Take, for example, Dallas and Buffalo. These cities decided they were too cool to march to the beat of the dropping rents, instead jacking up the prices and doing their own little jig. Seriously, I wonder if they got the memo that it’s 2021, not an ‘80s disco!
Now let’s shimmy over to San Francisco and New York City. Here, the rent hasn’t just dropped, it’s swan-dived. These popular stomping grounds still have prices as high as a kite (or should I say skyscrapers), but at least they’re stepping in the thriftier direction.
On the grand scale of things, this could mean that most folks might not have to break their apartment piggy banks. But if you’re in Dallas or Buffalo, brace yourself to do some extra side hustles or might as well ride that mechanical bull, partner, cause those prices are bucking like they’re at a rodeo!
In short, each city’s doing its own rent dance—some are waltzing beautifully, others are shake-baking it like they’re in a Zumba class. But hey, that’s the charm of real estate—it has more twists and turns than a daytime soap opera! So tune in, hold on, and let’s see where this Rollercoaster of Rental takes us next!
Original article: https://www.inman.com/2024/02/27/rent-is-falling-fastest-in-markets-that-added-the-most-new-supply/
