Fewer Multifamily Permits Today Could Mean Costlier Rents Ahead [Yahoo! Finance]
News Corporation - Class B (NWS)
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Source: Yahoo! Finance
Federal employment hot spots show no sign of meaningful impact from federal layoffs… yet AUSTIN, Texas March 19, 2025 /PRNewswire/ -- Rents have been on a decline in the top 50 metros for over a year, but low multifamily permitting activity is making way for higher rent prices, according to the Realtor.com ® February rent report . In fact, within the top 50 metros only 294,000 multifamily units were permitted in 2024, which is well below the 318,000 units permitted at the peak of the pandemic in 2020. "During the pandemic, rent prices surged significantly. While there has been a gradual correction, the current trend of declining rents over the past 19 months and a still-sizable number of multi-family units under construction have impacted builders' enthusiasm for new projects," said Danielle Hale , Chief Economist of Realtor.com ® . "The nation is short 3.8 million homes according to Realtor.com ® research. As builders attempt to right-size their construction pipelines amid shift
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