Experts say those looking for an apartment now might have a better experience than they did in May or June.
NEW YORK — Rents are starting to come down after spiking to record levels this past summer, but experts are uncertain if the slowdown will continue.
Much depends on where you live. Cities in Florida such as Boca Raton and West Palm Beach have seen rents decrease -0.1% and -0.5% respectively compared to last month. But according to Apartment List, rents in California coastal cities such as San Diego have continued to increase over the past year. While things are looking a bit better for renters than a few months ago, it's still a landlords' market, Mayer said.
"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." In Britni Eseller's case, the high demand meant that she had to rush to fill out her application to beat the other 10 people who toured the apartment she wanted.
In May, rental prices in Dallas and Fort Worth were up 21.6% from last year, according to Redfin data. In Austin they were up 48.4%. One major reason is that high-income people from coastal areas like California and New York moved to Texas during the coronavirus pandemic, when they realized they could work remotely and live more cheaply. In December of last year, for example, Tesla moved its headquarters from Silicon Valley to Austin.
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