Manhattan rents eased further from record highs last month as the market’s peak season came to an end https://t.co/hEa7pqURxB ...

New home sales data out last hour. The number came in at 652,000 for the month of July. Stronger than expected, but still it's an 8.2% decline yearon year.A trend our next guest says benefits the rental market in particular because high home prices are sending more Americans looking for alternative options. Joining us now with his outlook, Invitation Home CEO Dallas Tanner. Dallas, it's good to talk to you today.All right. So, you have these new homes start that are are it looks it looks great. It looks lik ...

Core Insights - The rental market in Shanghai has shown a strong performance in terms of listing rental prices compared to other first-tier cities, with a 13.3% increase from the beginning of 2021 to June 2025 [1] - In the second quarter of 2025, Shanghai's listing rental prices began to stabilize and show signs of recovery, reaching an average of 80.4 yuan per square meter per month [3] - The internal structure of the rental market in Shanghai has displayed significant regional disparities, with core areas experiencing price declines while suburban areas have seen price increases [5][8] Rental Price Trends - Overall, the rental prices in Shanghai have been on a downward trend since 2024, but signs of stabilization emerged in the first half of 2025 [3][16] - Core areas such as Huangpu, Changning, and Jing'an have seen year-on-year rental price declines of 6.9%, 4.5%, and 4.3% respectively, while suburban areas like Jiading and Putuo have experienced increases of 5.7% and 5.5% [5] Supply and Demand Dynamics - The overall online listing volume in Shanghai has decreased by 10% year-on-year, with demand also down by 3.1% [8] - The supply and demand in major rental areas like Pudong and Minhang have decreased, with Pudong's demand share dropping by 1% [8][9] - The demand for lower-priced rental units (501-3000 yuan/month) has increased, with 51.4% of demand concentrated in this price range [11] Housing Type Preferences - The primary demand remains focused on one-bedroom and two-bedroom units, which account for 76% and 77% of total supply and demand respectively [14] - There is a notable increase in demand for two-bedroom and three-bedroom units, indicating a rise in co-living arrangements due to cost considerations [14][16] Summary - The Shanghai rental market has shown signs of price stabilization, but overall listing volumes and demand have decreased compared to the previous year. The market is characterized by a shift towards more affordable rental options, particularly in suburban areas, as renters prioritize cost-effectiveness in their housing choices [16]

Core Insights - U.S. rents have increased by 19.6% since 2019, but this growth is below the 25.6% rise in consumer prices, indicating a cooling rental market and potential relief in shelter inflation [1][2][5] - The sustained slowdown in rent growth is expected to positively impact the Consumer Price Index (CPI) in the coming months, easing overall inflation pressure [2][6] - Despite the overall cooling, rents in certain metro areas have outpaced inflation, highlighting regional disparities in housing affordability [3][4] Rental Trends - The median rent in the U.S. as of May 2025 is $1,705, which is $54 lower than the peak in August 2022 [1][6] - Year-over-year rent declines have been observed for 22 consecutive months, with the overall rent down by 1.7% [5][6] - Major metros like San Francisco and Minneapolis have seen significant rent declines compared to inflation, with San Francisco rents down by 3.2% since 2019 [4][6] Metro-Level Analysis - Nine metro areas have experienced rent growth exceeding inflation since 2019, including Pittsburgh (43.2%), Tampa (41.6%), and Miami (36.2%) [3][4] - Conversely, cities like San Francisco and Seattle have seen the least growth, with declines of 3.2% and 7.9% respectively [4][6] - Federal policy changes, such as restrictions on international student visas, are influencing rental demand in key markets, leading to cooling rents in cities like Miami and Seattle [8][9] Future Outlook - Recent tariff hikes on steel and aluminum are expected to increase construction costs, potentially putting upward pressure on future rents in certain metros [10] - The mixed results in rental trends across federal employment hubs reflect the complex dynamics of government employment on local housing demand [9][10] - Overall, the rental market is showing signs of cooling, which may lead to improved affordability for renters in the near future [2][6]