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A12 HEALTH
Thursday 8 sepTember 2022
Rents are starting to come down, but

the trend may not hold

By ADRIANA MORGA
Associated Press
NEW YORK (AP) — Rents
are starting to come down
after spiking to record lev-
els this past summer, but
experts are uncertain if the
slowdown will continue.
Christopher Mayer, profes-
sor of real estate at Co-
lumbia Business School,
said people looking for an
apartment now might have
a better experience than A 'Now Leasing' sign hangs off an apartment building staircase
in southeast Portland, Ore., on Wednesday, Dec. 9, 2021.
they did in May or June. Associated Press
"We're not seeing rents go
up as quickly, the rental "Gas prices are coming who was living with room-
market is softening a little back down, but rents are mates but wanted to find
bit," he said. going up 10, 12, 15%. And an apartment with her boy-
The national median ask- rent can end up taking friend.
ing rent was up 14% in 40% of these households' After visiting more than 10
July over July the previous income," Moynihan said in units, the couple picked a
year, the smallest annual a recent Associated Press 500-square-foot one-bed-
increase since November interview. room apartment in Beverly
2021, according to a new While things are looking a Hills where they pay $2,750
report from Redfin. While bit better for renters than per month. The median
that percentage is still high, a few months ago, it's still rent for a one-bedroom in
it has decreased from 15% a landlords' market, Mayer the area is $2,773, up 14%
in June and 16% in May.Ex- said. from last year, according
perts say the market could If your lease is up, staying to data from Zumper.
slow further toward the end put and negotiating with "I think landlords are taking
of the year, but there's still a your landlord might be a advantage of tenants right
lot of uncertainty. better option than trying now," said Tascon, who
"I would not be surprised to move, at least until the is paying $200 more per
if we get to 2023 before rental market slows down month than for her previous
things really get back to further, said Paula Munger, apartment.
normal," said Brian Carber- assistant vice president for In Britni Eseller's case, the
ry, senior managing editor industry research and anal- high demand meant that
of Rent.com, an apartment ysis at the National Apart- she had to rush to fill out
search website owned by ment Association. her application to beat
Redfin. "When you renew your the other 10 people who
Much depends on where lease, you're definitely not toured the apartment she
you live. Cities in Florida paying the same as some- wanted.
such as Boca Raton and one new moving in," Mung- "Because everyone is in
West Palm Beach have er said. "If you can, stay in scarcity mode, you're will-
seen rents decrease -0.1% your apartment." ing to find a place that
and -0.5% respectively A major reason for rent might be somewhat af-
compared to last month. spikes has been increas- fordable and you're unfor-
But according to Apart- ing demand from people tunately okay with over-
ment List, rents in Califor- priced out of a booming looking chipped floors or
nia coastal cities such as housing market. That mar- a broken appliance," said
San Diego have continued ket is starting to slow, which Eseller, who lives in North
to increase over the past could mean more people Park, a neighborhood of
year. can afford to buy and San Diego.
In Rochester, New York, won't need to rent, but with Developers have ramped
rent was up 15.3% in Au- interest rates rising, some up construction of apart-
gust over the same month may not want to take on ment buildings this year,
the previous year, accord- mortgages. which could eventually
ing to data from Apart- "With inflation now all help to ease the crunch.
ment List. An average two- throughout the market, But it's likely to take a while
bedroom apartment in the there's not enough supply before that's reflected in
Rochester area was $1,318 so the prices are going up," the market.
in August, compared with Munger said. "That's the Meanwhile, high rents are
$1,116 a year ago. downside for people, just disproportionately hurt-
Bank of America CEO Brian not having enough options ing low-income residents
Moynihan said high rents and choices for what they across the country, said
are a concern because would like in a housing unit." Ben Martin, research di-
they can account for a That was the experience rector of Texas Housers, a
big chunk of a household's of Erika Tascon, a 22-year- non-profit organization that
take-home pay. old Los Angeles resident works on housing justice.q