For the third quarter, the gap between supply and demand for apartments in the U.S. has been the smallest in three years, according to a new analysis by Apartments.com.
In this period, 176,000 apartments were absorbed and 178,00 were delivered. This helped to drive down vacancy rates by 10 basis points to 7.8% — the first quarterly fall since the end of 2021.
Rents, however, rose only marginally around the country and in many cases, they fell. Average annual asking rent grew just 1.1%, lower than the 1.2% recorded in July. Quarter-over-quarter, rents slipped by 0.5% after rising 1% in each of the previous two quarters.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
