Redfin Reports Asking Rents for New Apartments Drop 6% to Lowest Level Since 2022, as Finished Buildings Soar
Asking rents dropped at the same time new apartment completions rose to the highest level in at least 12 years
It was the second consecutive quarter that rents for newly built apartments posted an annual decline and the second-steepest drop in the past five years—trailing only this year’s first quarter, when rents fell
That’s according to a Redfin analysis of the
Apartment building construction boom leading to lower rents
Monthly asking rents for new apartments hit a peak of
“Rents for new apartments will likely fall a little more this year, because there are still a ton of new buildings being completed,” said Redfin Senior Economist Sheharyar Bokhari. “With new apartments popping up everywhere, owners are competing with one another to find tenants by reducing rents and offering concessions like free parking. If you’re a renter in a market like
An example of how much impact new construction has on asking rents can be found in
Newly-built one-bedroom apartments have seen the largest rent declines
Rents for one-bedroom apartments—the most common type of new apartment—fell the most in the second quarter, down
Studio apartments saw asking rents climb slightly, up
To view the full report, including charts please visit: https://www.redfin.com/news/new-construction-rents-Q2
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240926385085/en/
Redfin Journalist Services:
Kenneth Applewhaite
press@redfin.com
Source: Redfin