From CNBC: "Apartment rents drop further, with vacancies at record high." The article reports that the national median rent for apartments fell 1% in November from October, and now stands at $1,367. This doesn't seem like a big number, but, per the article: "CoStar reported the biggest monthly drops in median rent it had seen in 15 years of tracking." And its probably due to the vacancy rates: the national multifamily vacancy rate was 7.2% in November, a record high. Again that might seem like much, but, the article relates:
“Earlier this year, it appeared that annual growth was on track to flip positive for the first time since mid-2023; however, that rebound stalled out and reversed course during a particularly slow summer,” according to Apartment List researchers.
Funny enough, the article makes no mention of the estimated 2 million illegals that have self-deported, putting down the decline in demand to everything from younger people having difficulty in forming households, to jobs lost due to declining tourism (Las Vegas), to a burst of housing construction (Austin), and federal funding cuts and fewer international students (Boston).
Deporting immigrants (fixed it for ya) is the solution for all of our problems.
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