At long last, booming construction is putting downward pressure on rents. According to Bloomberg, apartment behemoth Equity Residential says that new apartment supply is hurting rents in both San Francisco and New York.
The company isn't alone, as landlords throughout our once-scolding market are having to fight for tenants, luring them in with discounted rents and other perks. This marks a significant shift from the days of swarming open houses and bidding wars for apartments.
As we first noted last November, rental inventory is up in most parts of the city. But up until now, lower rents have been anecdotal at best. With this signal from one of the industry's biggest players, expect data to reveal the reality that those in the business have seen emerge over the past six months.