Declines in San Francisco, New York and San Jose suggest the beginning of a downturn
By Laura Kusisto | The Wall Street Journal
Apartment rents declined in some of the country’s priciest cities during the third quarter, a dramatic reversal that could signal the end of a six-year boom for the U.S. rental market.
Rents in San Francisco declined 3%, while they fell about 1% in New York and edged lower in Houston and San Jose, Calif., the first drops in those markets since 2010, according to apartment tracker MPF Research. Across the U.S., rent growth was 4.1% on average.
According to a report by Axiometrics Inc., growth in the U.S., slowed to 3% in the third quarter from 5.2% in the year-earlier period. The rate remains above the long-term average of about 2%, the report said.
Related: Rent trend data in Phoenix, Arizona