Mortgage Professional America (April 13, 2020) -- With job losses piling up – 10 million people have filed unemployment claims in the past two weeks alone – and average rents on multi-family properties already in decline, the average rental cost of an apartment in the U.S. on March 26 was 0.23 percent lower than the week before.
It’s a miniscule number, but it signals the reversal of a trend seen in March, where rents typically grow by between 0.1 and 0.15 percent week-over-week. The decline is a nod to the immense level of income disruption being felt across the country, where it is estimated 1.1% of all renter households lost employment in March. The lack of economic stability being felt in most markets is leading to weakening demand, as renters will be putting off upsizing or work-related relocations.
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