An ongoing boom in apartment construction has helped slow down rental inflation — but renters shouldn’t expect prices to drop dramatically from their pandemic-padded highs. That means affordability will remain the dominant narrative in rental housing in 2024.
The combination of a pandemic economic rebound, a longtime shortage of rental housing stock and high interest rates on mortgages created a perfect storm for rental prices to spike beginning in 2021 and peaking last spring, inflation data shows. Since then, price growth has steadily declined, which could provide a modicum of relief for renters.
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