Landlords around America are doing emergency rent cuts on properties that they can’t find tenants for. Particularly in a market like Phoenix, where the evictions have skyrocketed.
The central problem that these big Wall Street Landlords are facing is that they increased the rent too much during the pandemic. To a level that locals can’t afford. Causing rental demand to tank even amid rising mortgage rates. The result is that now corporate real estate investors are frantically reducing the rents in order to lease their units.
This is a trend that is occurring in markets like Phoenix, Las Vegas, and Dallas, all markets which have seen a big increase in the vacant supply of houses and apartments for rent.