Apartment List, a rental listing platform, reported last week that the national rent index fell by 0.1% from May to June. Since March, that index has fallen a total of 0.3%. Year-to-year the rent index is up only 0.2% which is the lowest increase year-to-year in the last five years. The rent decrease in what would normally be peak season for rental activity is indicative of the financial hardships and shifting preferences in 2020. Low interest rates may be another determining factor in people choosing to purchase homes as opposed to rent, which in turn decreases rent demand and lowers the ability for landlords to increase rent.
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