Supply continues to outpace demand across the country with 520,000 new units expected to be delivered by the end of the year.
"Over the past six quarters, supply has continued to outpace demand and the second quarter of 2023 was no exception," Jay Lybik, National Director of Multifamily Analytics at CoStar Group, said in prepared remarks.
"Despite positive absorption and rising renter demand, it was not enough to match the 140,000 units delivered in the quarter which pushed the national vacancy rate higher."
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