According to the SRX Property Index, apartment rents are down 6% in the last year.
Landlords are watching this number very closely as a drop in rent means a decline in their income.
A decline in income leads to a decline in gross rental yield, which is defined as annual rental income divided by the home’s purchase price.
While a landlord can try to offset a decline in income with a reduction in expenses and taxes, a decline in rent is not good.