After years of rising housing costs, renters will see some relief in 2023 as supply rises and more tenant households stay put.
“Shifting supply and demand dynamics in 2023 will likely give renters the upper hand as they look to lease new units, tempering rent growth after a historic run-up in prices during the course of the pandemic,” reports Lynn Pollack in Globe St.
Despite record new inventory of multifamily units, experts expect that fewer renters will be trying to move, giving them more bargaining power, Pollack explains. “We’re on track to end 2022 with the weakest net apartment demand since 2009. Low consumer confidence and weak household formation tells us Americans are in ‘wait and see’ mode,” says Jay Parsons, Head of Economics and Industry Principals at RealPage.
According to ApartmentList, “This shift already appears to be underway, as evidenced by the recent declines in the national median rent. The factors that have driven that dip – namely, cooling demand colliding with rising inventory – are likely to persist into next year.” This is good news for renter households, particularly as pandemic-era eviction protection and rental assistance programs come to an end.
FULL STORY: Renters On Track To Have The Upper Hand In 2023
Rents Rose Between December and January
After dropping to a three-year low, U.S. rent costs grew in many major cities.
Austin Rents Fall for 19th Straight Month
Thanks to a construction boom, the city is no longer the most expensive housing market in Texas.
Half of US Tenants Are ‘Rent Burdened’
High housing costs are squeezing a record number of American households.
Study: Maui’s Plan to Convert Vacation Rentals to Long-Term Housing Could Cause Nearly $1 Billion Economic Loss
The plan would reduce visitor accommodation by 25,% resulting in 1,900 jobs lost.
North Texas Transit Leaders Tout Benefits of TOD for Growing Region
At a summit focused on transit-oriented development, policymakers discussed how North Texas’ expanded light rail system can serve as a tool for economic growth.
Using Old Oil and Gas Wells for Green Energy Storage
Penn State researchers have found that repurposing abandoned oil and gas wells for geothermal-assisted compressed-air energy storage can boost efficiency, reduce environmental risks, and support clean energy and job transitions.
Private Donations Propel Early Restoration of Palisades Playground
Los Angeles has secured over $1.3 million in private funding to restore the Pacific Palisades playground months ahead of schedule, creating a modern, accessible space that supports community healing after recent wildfires.
From Blight to Benefit: Early Results From California’s Equitable Cleanup Program
The Equitable Community Revitalization Grant (ECRG) program is reshaping brownfield redevelopment by prioritizing projects in low-income and environmental justice communities, emphasizing equity, transparency, and community benefits.
Planting Relief: Tackling Las Vegas Heat One Tree at a Time
Nevada Plants, a Las Vegas-based nonprofit, is combating the city’s extreme urban heat by giving away trees to residents in underserved neighborhoods, promoting shade, sustainability, and community health.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Ascent Environmental
Borough of Carlisle
Institute for Housing and Urban Development Studies (IHS)
City of Grandview
Harvard GSD Executive Education
Toledo-Lucas County Plan Commissions
Salt Lake City
NYU Wagner Graduate School of Public Service