Richard Campo on rent growth
From Camden Properties CEO on shelter inflation and housing demand · · CNBCTelevision
“Rents were up 13% in 2022. They're up 3% in 2023. Now we're seeing 1% or 1.5% growth in 2024.”
On , Richard Campo, Chairman of the Board of Trust Managers & Chief Executive Officer at Camden Property Trust, spoke about rent growth during Camden Properties CEO on shelter inflation and housing demand on CNBCTelevision.
About Richard Campo
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.