Rental Price Growth Pace Slows Down Considerably
According to this article by CNBC, rental prices have witnessed the slowest growth in the last 19 months. Some excerpts from the article:
- Rental rates have witnessed the slowest pace at 3.4% in November '22
- Sun belt rents rose by just 0.9%, waning off the insane growth seen over the last couple years. However, rents and demand for single families in sun belt are growing considerably faster than apartments due to a 'the supply of former being smaller than the latter'
- Midwest, on the other hand, had rising rental rates of 10% and 9% in Indianapolis and Kansas City respectively
- Multifamily construction has slowed down considerably with an 18% decrease in permits for the same in November vis-a-vis October
Unsurprising that midwest is still going strong despite slowdowns across the country. Most midwestern markets are a fairly solid choice for investing due to being insulated from the ebbs and flows of the coastal markets.
Most Popular Reply
@Sanat Bhandari Yes KC is on the rise. It is a market in which rents won't really go down. It is a steady market with continuous growth in population, jobs, and industries. It is a master of none but has a lot of industries that it can specialize in.