Reported 12 days ago
New data reveals that rents dropped 0.6% in October compared to the previous month, with the median asking rent now at $1,619. This decline is attributed to an oversupply of apartments in the market, surpassing demand. Despite the downward trend, shelter and food costs still significantly contribute to inflation. The construction of multifamily housing units is ongoing, promising more affordable rentals in the future, though current rents have remained mostly stable over the past two years.
Source: YAHOO