Rents have surged across America during the pandemic. But now they are starting to decline. Which is a big problem for Investors. Cap Rates are already far below Mortgage Rates, and they could decline further. Meaning an Investor Firesale is on the way in many markets – especially those in Florida, Texas, and Arizona.
Scanning Zillow shows huge spikes in Rental Inventory in America. With Corporate Landlords cutting the rents on houses that sit across the street from each other in the same neighborhood. A signal that the decline of the US Rental Market is just starting and should continue into 2023.
Especially as Evictions Surge. Data from Eviction Lab shows that Evictions are back to pre-pandemic levels or above pre-pandemic in most markets. Meanwhile – Apartment Builders have nearly 850k Units under construction, a 50-Year Record. These Apartments Under Construction will be delivered over the next 12 Months, further swamping the market with Inventory.
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