Rents have soared in recent years because of housing shortages across much of the country and a bout of severe inflation.
But a growing number of rental properties, especially in the South and the Southwest, are in financial distress.
In many parts of the country, rents are starting to fall.
Interest rates, ratcheted higher by the Federal Reserve to combat inflation, have made mortgages much more expensive for building owners.
These problems haven’t yet turned into a crisis, because most owners of apartment buildings, known in the real estate industry as multifamily properties, haven’t fallen behind on loan payments.
Persons:
haven’t
Organizations:
Federal Reserve
Locations:
Houston, Tampa, Fla