The boom in apartment completions, with more on the way, has given renters greater options in the most desirable markets and at a cheaper rent.
Median asking rents fell year-over-year in November by 2.1%—the biggest annual drop since February 2020—and by .6% month-over-month, according to Redfin, to reach a median rent of $1,967. The Midwest is the only region that saw rents rise YoY in November.
With so many new units to fill, many operators are offering concessions and slashing asking rents.
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