Apartment landlords can no longer raise rents like they used to. So many new apartment units are opening that the percentage that vacancy is inching higher across the country.
This year “will likely remain challenging for many landlords and apartment investors," says Victor Calanog, chief economist and senior vice president in the New York City office of data firm Reis Inc.
Strong demand for apartments has helped limit the damage from new supply. Apartment rents are likely to keep growing on average through 2019, even though rents are not growing nearly as much as they used to.
Read more...Apartment Market Weathers the Storm of New Supply