Rent prices seem to head in one direction – and that direction is up. But that’s not the case in every city – in fact, some surprising cities are seeing a major downturn in rental prices.
A recent report from Realtor.com has identified six major cities where rents are beginning to plummet despite ongoing affordability issues in the rest of the country.
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The cities in question – Miami, Los Angeles, New York City, San Diego, Boston and Riverside, California – have long been synonymous with sky-high living costs. However, a combination of factors is now causing a reversal in this trend, leading to what experts are calling a “rental market correction.”
To understand this phenomenon, GOBankingRates spoke with Anthony DeLuca, a financial expert from RetireGuide , who provided insights into the forces driving this unexpected change.
Here’s why rents are plummeting in six cities.