An indication on the edge of a building in the kitchen of hell in New York City, an apartment advertisement is available for rent through a real estate broker.
Deb Cohan-Orback | UCG | Universal Image Group | Getty images
The large -scale growth of the supply of new apartments over the last few years is still absorbed, and the vacancies are increasing and the fares weaken.
Setting up a record on the monthly index of the apartment list, the National Multimili Vacancy rate in July increased to 7.1%, which went back in 2017. The report notes that while the market has crossed the peak of this latest construction bounce, it is still overbuilt relative to the demand.
Landlords have not been enough overstocking earlier this year, but it is still more than a tenant market. Last year, over 600,000 new multifamily units hit the market, represented an increase of 65% compared to 2022 and the newest supply in the same year since 1986 was found in the apartment list.
For July, according to the report, slightly longer than the June, but below the 37 days recent high levels seen in January, it took an average of 28 days to lease the units after listed.
The national level fare was unchanged in July compared to June; According to the apartment list, the average fare was $ 1,402. Earlier this year reached the peak of rent, and the growth of rent now stopped during the peak moving season when development is usually the fastest.
According to the report, there was a decline of 0.8% in this month from this month last year. According to the apartment list data, they were making positive annual growth earlier this year, but are now negative for three straight months.
The report said, “All our major indicators are pointing to the slowdown in the versatile fare market-the growth of the mirage is slipping and the vacancy rate is at an all-time high level.” “The return to strict market conditions must still be on the horizon, but the outlook is complicated by the macroeconomic whiplash caused by the tariff and other policies being followed by the Outlook macroeconomic whiplash and other policies being followed by the Trump administration. This uncertainty is a minor demand during this moving season.
Regionally, in June in July, 37 out of 54 metropolitan areas of the country were found in the apartment list, with a population of over 1 million. However, half of these cities, less than half of these cities, are seeing an increase of positive fare compared to a year ago. According to the report, very hot south and mountains in the east are most prevalent in the west.
Austin, Texas, wins suspected prizes of being the country’s most soft fare market, with fare below 6.8% compared to last year’s July. Denver and Phoenix were not far behind.
On the other hand, San Francisco is looking at the biggest advantage, with a rent of 4.6% last year. Other strong markets include Fresno, California and Chicago.
According to the report, “Although the supply wave is coming again,
