As of December, the median asking rent in the U.S. is $1,695, down from previous months and year-ago levels, indicating a trend towards a renter's market. Increased availability of newly built apartments contributes to this decline. However, experts warn that slowing multifamily housing construction could quickly alter this market dynamic. Although renters can take advantage of current lower prices through strategic negotiations like multiyear leases, uncertainties surrounding economic conditions and government policies impact the housing market's viability in the long run.
The median asking rent price in the U.S. has decreased, suggesting a renter's market; however, future supply slowdowns may alter affordability.
Experts believe that the current renter's market is likely to persist through the coming year as new inventory appears.
Daryl Fairweather of Redfin stated, 'We're calling it a renter's market. We think that's going to continue for the next year.'
Joel Berner from Realtor.com indicated that slowing multifamily construction permitting is leading to concerns about future rent affordability.
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