Rents are falling in Southern and Sun Belt cities due to a surge of new apartment construction. However, rents in the Midwest and Northeast area continue to rise.
The U.S. is set to complete a record number of new multifamily units this year—about 500,000—that are primarily located in Southern and Sun Belt metros like Dallas, Phoenix, and Austin.
Despite a decrease in rents across the South, many renters in these booming markets are still struggling with affordability, as prices remain significantly higher than pre-pandemic levels.
The average rent for main residences has risen approximately 27% nationally since October 2019, with rents in the South increasing even more at around 33% during the same period.
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