[Asia Economy New York=Special Correspondent Joselgina] The US housing rental market, which showed an upward trend during the pandemic (global pandemic), has turned to a downward trend for the first time in two years, the Wall Street Journal (WSJ) reported on the 26th (local time).
According to the regular report by Costa Group, a US real estate data company, apartment rental prices in August fell by 0.1% compared to the previous month. This is the first monthly decline since December 2020.
In the same month, Rent.com, a website aggregating apartment rental listings, reported a 2.8% drop in studio apartment rents. The real estate online platform Realtor.com also showed a slight decline. WSJ stated, "This is hopeful news for tenants who have been anxious as rents soared to record levels over the past two years."
This shift to a decline is interpreted as a result of rents rising rapidly during the pandemic and an increase in newly built rental properties. However, the decline is minimal compared to the rise over the past year. Considering that housing prices are already high and mortgage rates have recently increased, it is expected that rental demand will not decrease.
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