As new apartments continue to hit an already saturated market, more have been delivered to date this year than in all of 2023 — which itself set a 30-year record. The number of apartments completed in 3Q 2024 was the highest for a single quarter in 50 years, according to Apartment List’s national rent report for December 2024.
The result has been a continuous rise in vacancy rates and a slump in rent growth in many parts of the country, while more than 800,000 new multifamily units still under construction will not help matters. The vacancy rate continues to trend upward and has reached 6.8%, its highest level since the pandemic started.
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