The median asking rent has fallen to its lowest level since March 2022 to end 2024 down 0.3% year-over-year to $1,594, according to a Redfin report. The decrease is likely due to an influx of supply that has pushed apartment vacancies higher.
The report said asking rents were down 0.1% month-over-month and 6.2% from their August 2022 peak of $1,700. Median asking rent per square foot dropped 1.9% year-over-year and 0.1% month-over-month in December to $1.78.
Meanwhile, apartment completions surged 58.1% during the third quarter to reach the highest level since at least 1974. Consequently, the vacancy rate for buildings with five or more units increased to 8%, the highest level since early 2021.
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