U.S. rents are still digesting the incredible rise during 2021 and the first half of 2022. Rents are below their peak in many markets across the country and continue to fall month-over-month, especially when concessions are taken into account.
Vacancy rates are back to pre-pandemic levels:
One million apartments are currently under construction with new deliveries set to surge throughout 2024 before starting to decline in the second quarter of 2025:
The sun belt is faced with an enormous supply surge. These are high population growth markets, but they have experienced some of the largest rent declines in the country over the last year.
Multifamily Market News 