Apartment demand is rebounding in 2023 Q2 as rent growth cools "rapidly," according to a report by RealPage. "Net absorption came in just shy of surging new supply levels in 2nd quarter 2023, stabilizing occupancy rates after a precipitous decline in 2022," the firm said.
Which makes sense from a basic economics perspective. When prices moderate, demand can grow. But what happens when rental prices leap?
That's the situation in affordable housing at a time when the stock has faced challenges for years. Because the final timeout on a 30-year tax credit could mean the owners of the estimated 188,000 affected units will sharply increase rents to make up the lack of tax credits, as the Wall Street Journal reported.
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