Rents are starting to come down after spiking to record levels this past summer, but experts are uncertain if the slowdown will continue.
Christopher Mayer, professor of real estate at Columbia Business School, said people looking for an apartment now might have a better experience than they did in May or June.The national median asking rent was up 14% in July over July the previous year, the smallest annual increase since November 2021, according to a new report fromExperts say the market could slow further toward the end of the year, but there’s still a lot of uncertainty.
In Rochester, New York, rent was up 15.3% in August over the same month the previous year, according to data from Apartment List. An average two-bedroom apartment in the Rochester area was $1,318 in August, compared with $1,116 a year ago.Bank of America CEO Brian Moynihan said high rents are a concern because they can account for a big chunk of a household’s take-home pay.
If your lease is up, staying put and negotiating with your landlord might be a better option than trying to move, at least until the rental market slows down further, said Paula Munger, assistant vice president for industry research and analysis at the National Apartment Association.“When you renew your lease, you’re definitely not paying the same as someone new moving in,” Munger said. “If you can, stay in your apartment.
“With inflation now all throughout the market, there’s not enough supply so the prices are going up,” Munger said. “That’s the downside for people, just not having enough options and choices for what they would like in a housing unit.”
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