Expenses are rising faster than revenues for multifamily affordable housing properties, a trend that will likely continue to accelerate, according to a new report from S&P Global Ratings.
Property owners saw net income per unit increases, however, as rent growth was as high as 37% from 2020 to 2022.
Growth has slowed considerably in 2023, though. GlobeSt.com this week reported that the median US asking rent fell 0.6% YOY to $1,995 in May. That nationwide drop is the largest since March 2020, attributed to a building boom that increased supply and economic challenges that lessened demand.
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