Monday, 14 Jul 2025
America Age
  • Trending
  • World
  • Politics
  • Opinion
  • Business
    • Economy
    • Real Estate
    • Money
    • Crypto & NFTs
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion / Beauty
    • Art & Books
    • Culture
  • Health
  • Sports
  • Entertainment
Font ResizerAa
America AgeAmerica Age
Search
  • Trending
  • World
  • Politics
  • Opinion
  • Business
    • Economy
    • Real Estate
    • Money
    • Crypto & NFTs
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion / Beauty
    • Art & Books
    • Culture
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© 2024 America Age. All Rights Reserved.
America Age > Blog > Money > Relief Eludes Many Renters as Fed Raises Interest Rates
Money

Relief Eludes Many Renters as Fed Raises Interest Rates

Enspirers | Editorial Board
Share
Relief Eludes Many Renters as Fed Raises Interest Rates
SHARE

Already, new home construction has dropped sharply as borrowing costs climb, declining 14.4 percent in May to the lowest rate in more than a year. Early data suggest that apartment construction is also taking a hit — something industry executives can attest to.

David Wali, who runs the Boise office of the Gardner Company, a developer of residential and commercial properties throughout the mountain West, said the question of whether to build has been clouded by inflation, rising interest rates, and the continued disruption of supply chains, which has builders worried they might finish projects, be ready to rent out the units, “and be left with no appliances.”

The State of Jobs in the United States

Job gains continue to maintain their impressive run, easing worries of an economic slowdown but complicating efforts to fight inflation.

Those risks have in turn caused lenders to turn more conservative by requiring developers to put more of their own money into projects, further crimping development.

Mr. Wali has already started delaying projects, including 500 apartments in the Boise area, and he said that as the lack of new development works its way through the system in the coming months, supply will be even more squeezed. The flip side — good for him, bad for renters — is that rising rental demand has him feeling good about rent levels on apartments his company already owns.

“Those are fantastic,” he said.

The nation may be seeing a geographic shift in which rental markets are hot. Early in the pandemic, as remote work gave people geographic flexibility, places like Orlando and Tampa, Fla., and Rochester, N.Y., experienced pronounced rent growth. Now, some cities in the middle of the country are cooling, even as offices recall workers and coastal markets like New York City heat up.

“I’ve been practicing for 42 years, and I’ve never seen the huge, across-the-board demand for rent increases that I’m seeing now,” said Samuel Himmelstein, a tenants’ rights lawyer in New York City who said that clients were regularly getting in touch with him now to see if there is anything they can do about landlord demands for 20 to 30 percent higher rent.

TAGGED:Affordable HousingBuilding (Construction)Consumer Price IndexFederal Reserve SystemInflation (Economics)Renting and Leasing (Real Estate)The Washington MailUnited States Economy
Share This Article
Twitter Email Copy Link Print
Previous Article Olympian Mo Farah Says He Was Trafficked to the UK as a Child Olympian Mo Farah Says He Was Trafficked to the UK as a Child
Next Article What Andrea Leadsom’s memoir can teach the Tory leader hopefuls What Andrea Leadsom’s memoir can teach the Tory leader hopefuls

Your Trusted Source for Accurate and Timely Updates!

Our commitment to accuracy, impartiality, and delivering breaking news as it happens has earned us the trust of a vast audience. Stay ahead with real-time updates on the latest events, trends.
FacebookLike
TwitterFollow
InstagramFollow
LinkedInFollow
MediumFollow
QuoraFollow
- Advertisement -
Ad image

Popular Posts

Leonardo DiCaprio Grabs Lunch With Al Pacino, Offers Him Journey House in Porsche

Leonardo DiCaprio's breaking bread with one other Hollywood legend ... Al Pacino!!! The 2 film…

By Enspirers | Editorial Board

U.S. envoy says returning to Vienna in hope of reviving Iran nuclear pact

WASHINGTON, Feb 6 (Reuters) - U.S. Special Envoy for Iran Robert Malley on Sunday said…

By Enspirers | Editorial Board

NBA Draft: Paolo Banchero Goes No. 1 to Orlando Magic

Paolo Banchero knew Thursday would be a special day, the start of his N.B.A. career.Earlier…

By Enspirers | Editorial Board

Trump and Harris head for swing states amid fallout from presidential debate – US politics dwell

Key occasionsPresent key occasions solelyPlease activate JavaScript to make use of this characteristicTrump marketing campaign…

By Enspirers | Editorial Board

You Might Also Like

RBA rates of interest: Reserve Financial institution of Australia leaves money charge on maintain at 3.85%
Money

RBA rates of interest: Reserve Financial institution of Australia leaves money charge on maintain at 3.85%

By Enspirers | Editorial Board
How the Huge Stunning Invoice Will Impact Your Pockets
Money

How the Huge Stunning Invoice Will Impact Your Pockets

By Enspirers | Editorial Board
Younger carer ‘amazed’ as Guardian readers repay her £2,000 wonderful for profit guidelines mistake
Money

Younger carer ‘amazed’ as Guardian readers repay her £2,000 wonderful for profit guidelines mistake

By Enspirers | Editorial Board
Retirement Financial savings Waterfall: In What Order to Make Your Financial savings Contributions
Money

Retirement Financial savings Waterfall: In What Order to Make Your Financial savings Contributions

By Enspirers | Editorial Board
America Age
Facebook Twitter Youtube

About US


America Age: Your instant connection to breaking stories and live updates. Stay informed with our real-time coverage across politics, tech, entertainment, and more. Your reliable source for 24/7 news.

Company
  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement
Contact Us
  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability
Terms of Use
  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices
© 2024 America Age. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?