Apartment Prices on the Decline
For the first time in five years, apartment prices have fallen for the past six months. Research from Apartment List shows the median rent in January was 3.4% less than the cost of the same apartment in August. The reasons include recent layoffs, rent prices forcing some to live with family and finally, the biggest delivery of new supply in over twenty years.
Rohan Ganduri, assistant professor of Finance at Goizueta Business School, explains why now is the time to negotiate renewals and while the decline is nice for renters, overall prices are still much higher than they were prior to the pandemic.