A new Trulia analysis revealed that the amount of rental listings across the country that saw price reductions from their original advertising increased from 7.97% in the previous year to 9.32% during the 12 months through September. Forbes staffer Samantha Sharf takes a look at this trend and how it relates to the overall housing market.
Trulia data scientist Mark Uh points out that home prices are still rising and these price cuts may just be a result of sellers and landlords testing how high they can take prices before being forced to reduce them. However, the trend continues to be one worth watching:
Every month this year the share of listings taking prices cuts was higher than that same month a year earlier and the year-over-year difference have expanded as 2016 has progressed. In a separate analysis Trulia found that price cuts are more common in the luxury market (which Trulia defines as the top third of the market).