Raleigh and most metro areas in the Sun Belt saw rents decline again last year, as a building boom has flooded the market with new apartments.
Why it matters: Housing remains unaffordable for many, but a surge in supply is limiting landlords’ ability to raise rents, Axios’ Sami Sparber writes.
Between the lines: Although median U.S. rent for new leases is down 1.5% from a year ago, it’s still roughly 20% above pre-pandemic levels, at $1,400 a month, per Apartment List…