The relief that renters have been seeking might finally be on the way, if several market indicators are to be believed. If and when rent does fall, supply might have finally caught up with demand.
According to an article by Joe Cortright, "there are a few hopeful indicators from housing markets that the long promised relief from increased supply is starting to show up, at least in a small way."
Cortright cites two reports, "one national, and one quite local," as evidence of a market shift. The first is a market analysis from REIS, which specializes in "[following] national trends in apartment construction tracking delivery (the completion of new apartments) and absorption (how many newly completed apartments get leased." Cortright summarizes the news from this source:
REIS analysts are reading the data to suggest that construction of new apartments is finally starting to have an impact on the market. REIS’s Scott Humphreys says: “It’s official: developers are finally building more apartments than there are renters to fill them.”
Also of relevance to the national rental market is a post on the Calculated Risk blog, which shares vacancy rates from the National MultiFamily Housing Council (NMFC). "Their data show that 'market tightness' has been trending downwards for the past couple of years," writes Cortright.
For local evidence of those trends, Cortright calls on a Boston Globe report that finds rents in Boston increasing at the slowest rate in the past five years. "The news from Boston echoes reports from markets as diverse as Seattle, Denver, and Houston, that the growing number of new properties being completed is producing at least temporarily higher vacancy rates and more favorable rental offerings for tenants," adds Cortright.
FULL STORY: Nationally, apartment supply may be catching demand
Apartment Construction Ramps Up to Meet New Demand
It's unclear if or when the supply of entry level rental housing options will catch up with the demand, but some cities are building quickly.
Left-NIMBYism and COVID-19
The events of the past year shows that the law of supply and demand applies to urban housing, and that gentrification can, in fact, be subdued.
Double-Digit Housing Price Increases Tied to Supply Imbalance in Denver
Expensive homes dominated the metro Denver real estate market in 2020.
What ‘The Brutalist’ Teaches Us About Modern Cities
How architecture and urban landscapes reflect the trauma and dysfunction of the post-war experience.
USDOT Revokes Approval for NYC Congestion Pricing
Despite the administration’s stated concern for the “working class,” 85 percent of Manhattan commuters use public transit to enter the city.
‘Complete Streets’ Webpage Deleted in Federal Purge
Basic resources and information on building bike lanes and sidewalks, formerly housed on the government’s Complete Streets website, are now gone.
Decarbonizing Homes: The Case for Electrifying Residential Heating
A new MIT study finds that transitioning residential heating from natural gas to electric heat pumps can significantly reduce carbon emissions and operational costs.
Preserving Altadena’s Trees: A Community Effort to Save a Fire-Damaged Landscape
In the wake of the Eaton Fire, Altadena Green is working to preserve fire-damaged but recoverable trees, advocating for better assessment processes, educating homeowners, and protecting the community’s urban canopy from unnecessary removal.
The VW Bus is Back — Now as an Electric Minivan
Volkswagen’s ID. Buzz reimagines its iconic Bus as a fully electric minivan, blending retro design with modern technology, a 231-mile range, and practical versatility to offer a stylish yet functional EV for the future.
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.
Economic & Planning Systems, Inc.
UCLA Lewis Center for Regional Policy Studies
Mpact (formerly Rail~Volution)
Chaddick Institute at DePaul University
City of Piedmont, CA
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research