After years of dramatic increases, rents are finally showing signs of slowing [Los Angeles Times (CA)]
REALPAGE (RP)
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Source: Los Angeles Times
After years of dramatic increases, rents are finally showing signs of slowing After a remarkable run-up in housing costs that has crimped budgets, forced families from their neighborhoods and contributed to homelessness, it appears rent growth is slowing in Southern California and across the nation. Experts attribute the tapering in part to an increase in new apartment buildings that, although not giving tenants the upper hand, is giving them a bit more leverage than in years past. And after years of steady increases, some renters are simply unable or unwilling to stretch further, with the richest among them choosing a mortgage instead. “There is only so much rent you can get,” said Cynthia Wray, senior director of acquisitions for ?FPI Management Inc., which manages 75,000 apartments in California. “At a certain point you can’t go any higher.” The latest evidence of a slowdown came Thursday, when real estate firm Zillow released data showing the national median rent for a vacant apar
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