1241 ET - Rents fell for the 17th straight month in December, dropping by -1.1% year over year to a median of $1,695, marking the first dip below $1,700 since April 2022, according to Realtor.com. This decline is due to new construction outpacing demand, leading to a balanced market with a 55% absorption rate, similar to 2019 levels. Despite a 22.8% inflation increase since 2019, rents have only risen by 16%. Affordable rentals are in demand, with a 56.3% absorption rate compared to 53.8% for pricier units. Regionally, the Northeast sees high absorption rates, while the West faces a sharp decline due to increased supply. (chris.wack@wsj.com)
(END) Dow Jones Newswires
January 21, 2025 12:41 ET (17:41 GMT)
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