The hottest Rents Substack posts right now

A chronic housing supply shortage, not just short-term bubbles, is the main reason home prices and rents are high; cyclical swings now sit on top of a rising neutral price level.
Measured home equity overstates real wealth because a large share of home prices is a rent premium created by scarcity, so Americans are poorer than headline net worth suggests.
Policy choices and the post‑2008 lending shock reshaped who captured housing wealth and left many places and low‑income households worse off, causing geographic sorting where families pay high rents to stay put.

Months-of-supply is back to pre-pandemic levels while 2025 home sales were the lowest since 1995 (tying 2024), which is putting downward pressure on prices, especially where inventory is high.
Overall house prices were mostly unchanged year-over-year at the end of 2025 — the Case-Shiller National index was up about 1.4% YoY (Composite 10 +2.0%, Composite 20 +1.4%) — and recent month-to-month gains follow earlier declines, though Case-Shiller data lags by several months.
Lower mortgage rates have led to a pickup in purchase mortgage applications recently, but that increase has not yet translated into significantly more closed sales.

Housing inventory has risen sharply toward pre-pandemic levels while existing-home sales remain depressed, which is putting downward pressure on prices.
Lower mortgage rates have boosted purchase mortgage applications, but rising unemployment (around 4.6%) and weak sales mean those applications haven't yet translated into substantially more closings.
Price indexes show only modest year-over-year gains (about 1–2%), with appreciation steadily slowing and reported data lagging earlier market moves.

Minneapolis experienced a drop in rents in 2021 and 2022 but the correlation between housing construction and rent trends isn't conclusive. It's important to assess data carefully before drawing conclusions.
Auckland, New Zealand, has visible rent decreases due to effective supply-side reforms, contrasting with Minneapolis where the impact of such reforms is less clear.
The correlation between income, new home construction, and rent inflation post-Great Recession reveals unusual patterns, possibly influenced by mortgage suppression policies, highlighting the need for comprehensive data analysis.

This post discusses the current state of the housing market for mid-December.
There is a year-over-year decline in new listings for homes.
The post provides insights on new and existing home inventory, sales, prices, and more.

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The Case-Shiller National Index reported a 5.5% year-over-year increase in house prices in December, with expectations for a slightly more positive change in January.
Monthly, the seasonally adjusted Case-Shiller National Index experienced an 0.19% increase, marking the eleventh consecutive month of increase, yet the smallest growth since January 2023.
The post discusses the outlook for house prices in 2024 and invites readers to subscribe for more detailed information.