Wednesday, November 25, 2020 1:32 am

The big picture: A flood of new urban apartments is crashing prices

By Marisa Fernandez | Axios

Rental growth in the United States has reached its lowest level — 2.3% — since 2010 as some of America’s biggest cities have been hit by a flood of newly-built luxury apartments coming online.

Why it matters: The cities that have experienced the sharpest flattening in rental growth often have rather strong economies, according to RealPage data, but tend to have new high-end apartments hitting the market, pricing out a large segment of the community.

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Be smart: Rent growth numbers have been skewed by those pockets of luxury rentals, but demand itself remains strong. The overall apartment occupancy rate has only dipped by 0.3% from last year.

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