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The rental market in the South is cooling off, but it's still hot in the Midwest.

May 28, 2024 / 01:00

This episode discusses Midwest rent growth, housing market trends in South Florida and Texas, and the impact of mortgage rates on supply and inflation.

The conversation highlights a 5% growth in Midwest rents due to affordability, contrasting with declining markets in South Florida and Texas where prices have surged.

Key discussions include the increase in housing supply in these southern markets, which is helping to stabilize rents despite overall rising prices.

The episode emphasizes how rising mortgage rates are affecting homeowners and contributing to supply constraints in the housing market.

TLDR

Midwest rents rise 5% while South Florida and Texas see declines due to affordability and increased supply.

Episode

1:00

00:00:00

well the Midwest we see a 5% growth and rents and that's Market rents and that's

00:00:06

because it's affordable so what's happening right now is that the markets

00:00:11

that we saw the biggest run-ups in the south Florida Texas are now not affordable anymore and we're seeing

00:00:19

declines in those markets is also a surge in Supply in those markets in part response to the increase in demand which

00:00:27

drove prices up and that Surge and Supply is also holding rents down so we will see some relief in the South but as

00:00:35

we can see the Midwest not and overall prices are rising at a significant rate which feeds into inflation which feeds

00:00:43

into interest rates which feeds into mortgage rates the higher the mortgage rates the more likely that supply and

00:00:50

housing will be constrained as homeowners are locked in

Episode Highlights

Declining Affordability
South Florida and Texas markets are becoming unaffordable, leading to declines.
“Markets in South Florida and Texas are now not affordable anymore.”
@ 00m 14s
May 28, 2024
Rising Prices and Inflation
Overall prices are rising significantly, impacting inflation and interest rates.
“Prices are rising at a significant rate.”
@ 00m 37s
May 28, 2024

Episode Quotes

Markets in South Florida and Texas are now not affordable anymore.
The rental market in the South is cooling off, but it's still hot in the Midwest.
Prices are rising at a significant rate.
The rental market in the South is cooling off, but it's still hot in the Midwest.

Key Moments

Affordability Crisis00:14
Inflation Impact00:37