Why rents are rising again

Data: Redfin; Chart: Kavya Beheraj/AxiosPermits for multifamily housing have dropped below pre-pandemic and pandemic-era levels, according to Redfin.Why it matters: A wave of newly built apartments helped curb rent hikes over the past few years. For many renters, that break is fading.By the numbers: U.S. developers got permits to build an average of 12.4 multifamily units per 10,000 people in recent months, according to Redfin's analysis of Census Bureau data.That's down roughly 27% from the pandemic surge (17 units) and down around 5% from pre-pandemic (13.1 units).Zoom in: 63% of major metros are seeing fewer units approved per 10,000 people compared to pandemic-era averages.Sun Belt metros permitted the most multifamily housing recently, meaning buildings with five or more units.What they're saying: Builders nationwide are "pumping the brakes because elevated interest rates are making many projects prohibitively expensive," Redfin senior economist Sheharyar Bokhari wrote in the report.The bottom line: The construction slowdown, which tariffs could prolong, risks reigniting rent inflation — especially in cities where demand still outpaces supply.Nationally, rents ended the first quarter at $1,754, around 1% higher than a year ago, per Apartments.com.

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