“Rents got cheaper in several major cities this past year, thanks to an influx of luxury apartment buildings opening their doors and luring tenants to vacate their old homes.

But those looking for bargains will have to be quick, since the available apartments won’t last long, developers say.

The US’s average rental rate fell 0.18 percent in November, the largest monthly drop in more than 15 years, according to real estate research firm CoStar. Driving that decline: lower rents in big cities like Austin, Denver and Phoenix, as well as vacation destinations like Naples, Florida; Asheville, North Carolina; and Myrtle Beach, South Carolina.

New building openings are bringing rents down as wealthy tenants trade up, forcing landlords to drop prices for older apartments. Rents for older units have fallen as much as 11%, and some are now on offer at rates as low as homes that are usually designated as ‘affordable’ and come with restrictions including rent control and rent stabilization.”

From Bloomberg.