Data: RealPage Market Analysis; Note: Negative demand means more renters moved out than moved in; Chart: Axios VisualsSoaring rent prices have been a major driver of inflation. This could be a sign that those price pressures are starting to ease — but it could take time before the consumer price index numbers reflect the shift.Demand for new leases took a surprising tumble in the third quarter, according to data from RealPage.
Negative demand is a sign of a slowdown in new household formation — people holding off on moving out of their current situation, in other words. “Inflation and economic uncertainty are having a freezing effect on major housing decisions," Jay Parsons, head of economics and industry principals for RealPage, said in a report out last week. "When people are uncertain, human nature is to go into 'wait and see' mode."
Definitely Not in Southern California. Quite the opposite problem
Not in Manhattan
Probably a lot of folks moving back in with mum and dad during Biden's blistering economy.
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