It's a renter's market out there

Because there's no housing shortage, among other reasons

• the brand new apartments with the biggest discounts

• all time high of new apartment supply

• new units staying on the market longer (which is great news for renters)

• can’t squeeze rent increases from a stone (which explains some lumpiness in multifamily CMBS)

• another all time high (for not moving)

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It’s a renter’s market out there

It’s a great time to look for a brand new 1BR apartment:

Redfin

Asking rents for newly constructed apartments posted substantial YoY declines, with 1BR units dropping the most.

Brand new 1BR units are now cheaper to rent than they were in 2019. Let that sink in, for a moment.¹

Only studios got moderately more expensive (after a pretty substantial drop in the previous quarter), but studios are still barely more expensive than they were back when the pandemic began.

So much supply, we can’t afford to build more

More good news for renters!