10:00 ET - For the 20th consecutive month, rents declined in March, and the median asking price for rent in the 50 largest metros is now $65 lower than the 2022 peak, standing at $1,694, according to Realtor.com. While rents have been declining for nearly two years due in large part to new multi-family inventory, new tariffs could have impacts on metros where multi-family permitting activity is growing the fastest, jeopardizing rent declines. "In nearly every major U.S. metro, rents are still considerably higher than 2019," says Realtor.com. The recently announced tariffs on imported building materials such as steel and aluminum could potentially impact the multi-family housing supply by driving up construction costs. Markets that experienced rapid growth in permitted multi-family homes are expected to see the biggest impacts as developers and builders may postpone or even cancel new projects. (chris.wack@wsj.com)
(END) Dow Jones Newswires
April 16, 2025 10:00 ET (14:00 GMT)
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