Chairman of the Board of Trust Managers & Chief Executive Officer, Camden Property
Search every verified Richard Campo interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. In a May 2024 interview, Richard Campo, CEO of Camden Property Trust, said that the rental market is "strong" and that rents are "coming down across the country." He attributed this to supply being at a "40-year high" and noted that rent growth has slowed from 13% in 2022 to an expected 1% to 1.5% in 2024. Campo stated that it is "60% cheaper to rent than buy a home" and that rent currently accounts for 19% of tenants' income, which he described as "very low." Campo also discussed a decline in new construction, saying development starts fell 53% from a year ago due to higher capital costs. He predicted that annual construction would drop from 500,000 units to below 200,000 units the following year. Campo stated that this would lead to rent stabilization in the near term but could result in "outsized rent growth" in 2026 through 2028 if the economy experiences a soft landing.
“There is, absolutely. When you think about single-family and multi-family rentals, it is a strong market, no question about it — rents are coming down across the country.”
“The real story is supply. Supply is at a 40-year high right now.”
“Good news for our company and other multi-family companies is the market hasn't collapsed. It has slowed.”
“Rents were up 13% in 2022. They're up 3% in 2023. Now we're seeing 1% or 1.5% growth in 2024.”
“It is helpful for renters and helpful for the Fed. The good news is the CPI will continue to fall in terms of the rental perspective with the rents slowing.”
“It is 60% cheaper to rent than buy a home.”
“Today, our rent income is at one of the lowest percentages. We're at 19% of people's income to pay rent which is very low — usually, it's in the high 20s; it's a very affordable product today relative to single-family home.”
“The cost of capital has gone up so high for developers that developments have started to fall. They fell 53% from a year ago.”
“We are building 500,000 units annually. That will drop over 200,000 units next year. When you stop the pipeline like it has been stopped, you will have an interesting market.”
“You will have a stabilization of rents in the low 1% growth area which is good for CPI and good for the Fed and long-term interest rates, but what will happen in 2026 and 2027 and 2028, you have a soft landing and you end up with a strong economic scenario ... and you have outsized rent growth.”
Richard Campo, CEO of Camden Properties Trust, discusses housing and rent inflation.
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