According to Redfin, there will be an overall decline in rent prices by the middle of 2023. They believe that some landlords will offer concessions such as free rent or free parking prior to dropping rents. Part of why they believe this is because of an increase in vacant units in apartment buildings (according to a U.S. Census Bureau report).
Personally, I don’t see rents going down at all. Rents have increased at record pace all over the country over the past few years. What incentive would a landlord with a line of tenants battling for vacant units have to decrease rent? See below for some of the comments I got on Instagram when I posted about this.
What are your thoughts? Drop a comment below and let me know. If you’re interested in gaining knowledge that will help you invest in real estate in 2023, definitely tune in to my show, Black Real Estate Dialogue. You can watch on Youtube and you can listen on Apple Podcasts or Spotify.
Get a free Landlord Insurance Quote from Steadily here
Top 5 Down Payment Assistance Programs- https://bit.ly/dpassistance1
How to Analyze a Real Estate Market- https://bit.ly/analyzeamarket
Featured Courses & Ebooks
E-book- How to Build Wealth in a Recession- https://bit.ly/bredrecessionguide
Learn how to invest out of state- https://www.outofstatemoney.com/
Learn how to find your first tenant- https://bit.ly/firsttenantcourse