Rents are falling in two of the most expensive US markets.
New York City and San Francisco are finally seeing declines in the cost of rent, according to the housing provider Equity Residential. The firm lowered its guidance for its revenue growth because of the softening in the two markets. It now projects a revenue increase of 4.0% to 4.5% for 2016, down from the original estimation of 4.5% to 5.0%.
"The revision is being driven by continued weakness in its New York portfolio and recent underperformance in the company's San Francisco portfolio," a release from Equity Residential said.