The hopes of California tenants that a wave of apartment construction might provide more rent relief may be fizzling in early 2024.
California developers cooled their building plans as interest rates soared, the economy slowed and folks no longer felt the pandemic-fueled need for larger living spaces. Sadly, the year’s slow start contrasts sharply with a previously swift pace of multifamily housing construction in California. California rents were falling at a 1.4% annual rate in March 2024 after falling 0.8% for all of 2023, according to ApartmentList. Don’t forget that rents statewide rose 11% in 2022 and 5.5% in 2021 as tenants sought larger living spaces as the coronavirus retooled life and the economy.
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