CAMBRIDGE, MA /ACCESSWIRE/October 13, 2022/ A new report from ApartmentAdvisor (www.apartmentadvisor.com), an apartment search platform, shows that landlords are increasingly slashing the prices of their advertised apartment listings, a sign that rental prices could moderate in some cities. Nationally, the share of rental listings discounted from the originally advertised list price rose to 5.7% in September, the highest level in the previous 12 months.
“Rent prices are still relatively high overall, but we are starting to see signs that we may be reaching a tipping point,” said ApartmentAdvisor analyst Brian Orecchio. “Rising price cuts suggest the market is changing, and some property managers find they need to correct their asking prices to attract tenants and secure leases.”
In September, Salt Lake City, UT had the highest share of price drops on advertised apartment rental listings at 14.2%, nine percentage points higher than September 2021. Miami, FL (12 .9%) Seattle, WA (11.9%), Pittsburgh, PA (11.7%) and Baltimore, MD (11.5%) were also among the cities with the highest rate of price declines on last month. For price reduction rates for all cities analyzed for this report, click here.
Cities with the highest rental price reduction rates
% price reduction
|Salt Lake City, UT||14.2%|
|Las Vegas, Nevada||8.5%|
|Los Angeles, CA||7.8%|
|San Francisco, California||7.7%|
How to find discounted apartments
On the ApartmentAdvisor platform, potential tenants looking for apartments can view the price history of any listing and sort search results to find listings with price reductions. Renters can also sign up for email alerts to notify them when a listing has suffered a price drop.
For this report, ApartmentAdvisor analyzed the price history of rental listings on the ApartmentAdvisor platform over the past year nationally and in the most populated cities in the United States. Analysts calculated the total number of unique listings each month and the total number of listings that had at least a price reduction of at least 5% from the previously reported price. The share of price reductions was calculated as the percentage of the total number of unique ads during the month that suffered such a price reduction.
ApartmentAdvisor (www.apartmentadvisor.com) helps tenants easily find the right apartment. The platform combines rigorous analyzes of rental prices and neighborhood information, giving renters a more transparent way to compare prices, features and locations of available apartments.
ApartmentAdvisor was founded in 2020 by a team of founders and engineers from Tripadvisor and CarGurus, including Langley Steinert (co-founder of Tripadvisor and founder and executive chairman of CarGurus); Oliver Chrzan (former Chief Technology Officer at CarGurus); and Josh Arnold (senior engineer at Tripadvisor and director of data science for MineralTree). The company is based in Cambridge, MA.
THE SOURCE: ApartmentAdvisor