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National median apartment rents have fallen 1.4% year-over-year to a four-year low, with vacancy rates hitting a decade-high of 7.3%. Major markets like Austin, Texas, are experiencing rent declines of over 20%. Despite falling new lease rates, some landlords continue to push for renewal increases, underscoring the need for renters to stay informed.
A Trump campaign spokesperson claims that the annual cost for new rental units decreased by nearly $100 under former President Trump, attributing this modest drop to ICE deportation efforts. This is contrasted with a significant rise in rents under President Biden, linking immigration enforcement directly to housing affordability. Economists, however, note the complex interplay of numerous factors influencing rental markets, suggesting a more nuanced view is necessary.
