President Donald J. Trump’s mass deportation of illegal immigrants is beginning to have an impact on housing rents, according to Treasury Secretary Scott Bessent. Data from November shows that apartment rents fell 1.1 percent compared to the previous year, and 5.2 percent compared to November 2022.
“Rents are down. You know the story that the Biden administration doesn’t want to talk about: The mass unfettered immigration that pushed up rents, especially for working Americans,” Bessent said on Tuesday. He continued: “There’s a recent study out from the Wharton School that shows every one percent increase in population, rents went up one percent. So, by enforcing the border, sending home more than two million illegals, we’re now seeing… rents coming down substantially.”
“I think that will continue for the rest of the year. We brought interest rates down, so we brought mortgage rates down, and I think everything else will follow that,” the Treasury Secretary added. Meanwhile, Housing and Urban Development (HUD) Secretary Scott Turner recently noted that the surge in housing prices, which occurred as former President Joe Biden imported millions of illegal immigrants to the United States, shows “it’s not a coincidence, it’s a correlation.”