Over the past two years, a jaw-dropping 1.2 million new apartments were built, filling up faster than some experts anticipated. As vacancies decrease, landlords may raise rents.
"The worst of the pressures on pricing from new supply are likely behind us," said Eric Bolton, CEO of Mid-America Apartment Communities, reflecting increasing confidence in the rental market.
With the economy holding steady and home prices sky-high, landlords could soon be in a prime position to hike rents next year as demand continues to rise.
Renters have had it tough in recent years. Skyrocketing rents during the pandemic particularly affected cities in the Sunbelt, with jumps of 20% or more in some areas.
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