Median asking rents are down, but remain elevated compared to 2019, due largely to increased multi-family housing options. However, inflationary tariffs on construction materials could jeopardize these reductions. San Francisco is exceptional, showing lower rents than pre-pandemic levels. Many cities have seen sharp rent increases since then. The ongoing tariffs may lead to construction slowdowns, heightened expenses, and a potential resurgence in rental prices, especially in rapidly developing areas. Renters are advised to secure current rates amidst these uncertain conditions.
The recent imposition of tariffs on building materials particularly steel and aluminum poses a risk to continued rent price relief, especially in markets with booming multifamily development.
Higher material costs could lead to construction delays, cancellations or increased expenses that may eventually be passed on to renters.
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