The pandemic-fueled boom for multifamily building owners is fading fast going into 2023. Apartment vacancies are piling up. The biggest wave of new rental buildings in nearly four decades is expected to cut the pace of rent growth across the country. Some in-demand Sunbelt cities are already experiencing rent declines, in part because many tenants and people searching for apartments feel they can’t devote any more of their income to rent.Rising interest rates, meanwhile, make rental-property investments less profitable than one year ago when debt was cheap and hefty rent increases were taken for granted.
Source: Apartment Rent Growth Set to Keep Slowing This Year – WSJ
