New apartments are taking longer to rent than they did a few years ago.
A new report from Redfin found that less than half of newly built apartments completed in the third quarter of 2024 were rented within three months. That ties with the fourth quarter of 2023 for the lowest share on record aside from the start of the pandemic, said the real estate firm, which analyzed U.S. Census Bureau seasonally adjusted absorption rate data.
The firm attributed the trend to the growing number of options renters have to choose from as 142,900 new apartments were completed in the third quarter, the highest number on record.
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