Living
Rents Are Falling in Some US Cities, Thanks to New Apartment Construction
- Austin, Phoenix and Atlanta rents drop with supply increase
- Apartment development has been more muted outside Sun Belt
Bigger metro areas Austin, Phoenix and Atlanta each added at least 16,000 units over the past year, increasing their inventories by as much as 5.6%.
Photographer: Bing Guan/BloombergThis article is for subscribers only.
Renters in some of the fastest-growing US cities are finally getting some relief after a few years of dizzying increases as developers roll out droves of new apartments.
The Boise City, Idaho metro area has seen rents drop 6.2% over the past year after the local supply of apartments increased by about 1,600 units, or 5.3%. That topped the average supply increase among US cities of 2.1%, according to data from rental property software provider RealPage Inc.