New from realtor.com: “In May 2023, the U.S. rental market experienced its first year-over-year decline in our data history, down 0.5% for studios to two-bedroom properties across the top 50 metros … While the decline is something worth celebrating among renters, it is not completely bad news for landlords. Faster rent growth may have made it very challenging for landlords to find qualified tenants, increasing the risk of longer vacancies.” The five metros in the South experiencing the most significant year-over-year rent declines are: Austin, TX (-5.6%), Tampa, FL (-4%), Dallas, TX (-3.6%), Charlotte, NC (-3.5%) and Atlanta, GA (-3.1%). In comparison, Miami’s decline has been a modest 2.3%. Let’s see how Miami stacks up against these and other cities.
Photo credit: Chris Roberts