Where rents are falling (or rising) most

"A new Harvard report finds a record number of renters are "cost-burdened," spending more than 30% of their income on rent and utilities. The median rent in Austin, Texas - a building hot spot - was down nearly 6% this February from a year earlier, with similar declines in San Antonio, New Orleans, and Denver."

"Rental markets are tighter in the Midwest, Northeast and parts of the West Coast. Median rent was up around 5% in Virginia Beach and the Bay Area from a year earlier, 4% in Chicago and 3% in St. Louis. These are regions where building is harder, largely due to zoning restrictions and a lack of space."

"High building costs and a glut of supply in places like the Sun Belt have made developers cautious about starting new projects. When new units do arrive, they're mostly luxury apartments. Meanwhile, more people are renting - partly because homebuying remains out of reach - keeping rents from falling much further nationwide."

A Harvard report reveals a record number of renters are cost-burdened, spending more than 30% of their income on rent and utilities. Regional rental markets show significant divergence. Sun Belt cities like Austin, San Antonio, New Orleans, and Denver experienced median rent declines of 2-6% year-over-year, driven by oversupply and developer caution. Conversely, Midwest, Northeast, and West Coast markets saw rent increases of 3-5%, constrained by zoning restrictions and limited building space. New construction predominantly features luxury apartments rather than affordable units. Rising renter populations, partly due to homebuying affordability challenges, sustain rental demand. Seasonal patterns suggest rents will likely increase as summer approaches.

Read at Axios