The market for rental apartment buildings is tumbling at its fastest-rate since 2009 in the wake of the Great Financial Crisis. The Washington Post obtained data from research firm CoStar Group that show a 74 percent year-over-year drop in sales in the first quarter of 2023. The report found that the decline is partly the result of higher interest rates pushing up financing costs for investors. The recent banking crisis has also been a damper on the market.
Fear rattled Wall Street Friday, and stocks tumbled on worries about what’s next to break under the weight of rising interest rates following the biggest U.S. bank failure in nearly 15 years.
