Asking rents for newly constructed apartments saw the biggest year-over-year increase in 18 months, rising 1.5% to a median $1,802 during the third quarter. The increase followed two consecutive quarters in which rents for new apartments fell by more than 7%, according to a Redfin report. The median rent for a new apartment had fallen as low as $1,714 during the second quarter, which was the lowest level since mid-2021.
On a regional basis, asking rents for new apartments fell 3.6% in the Northeast during the third quarter as newly finished apartments increased 13% year over year to 11,390 units in the second quarter. That is the highest level of new apartment completions since Q4 2022, said Redfin. The median new apartment asking rent in the region was $2,300.
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