After extreme increases in rental rates in 2021, the industry is watching those rates drop to more normal levels in 2023.
a trade association representing local property owners and management companies.
“Everything was extreme — we were just riding this wave in 2021,” Reed said. “Prices kept going up. Renters were just paying whatever was asked.” Rent costs are expected to grow by only 2% to 3% in the coming years even with a looming recession, said Will McIntosh, global head of research at USAA Real Estate Group. Success! You're on the list.
There, more than 1,200 apartments were completed in 2022 and another 1,000 are coming online in 2023. Rent prices went up by 6% last year, according to the data Reed presented.
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