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Cheddar News
  • 13 hours ago
A wave of new apartment supply is hitting the market just as demand softens, pushing vacancies up and rents down.

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00:00A wave of new apartment supply is hitting the market just as demand softens, pushing vacancies up and rents down.
00:06National median rent fell 1% in November to just under $1,400,
00:11marking the fourth consecutive monthly decline and a 5.2% drop from its 2022 peak.
00:17Meanwhile, vacancies are holding at a record high 7.2% as construction continues to outpace the ability of young adults,
00:25many now living with family, to form new households.
00:28With rent slipping and concessions rising, renters are flocking to more affordable markets, especially in the Midwest.
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