Apartments.com Releases Rent Growth Report for Third Quarter of … – Business Wire
WASHINGTON–(BUSINESS WIRE)–Today, Apartments.com – a CoStar Group online marketplace – published an in-depth report of multifamily rent growth trends for the third quarter of 2023. Imbalances between supply and demand continue to plague the once fast-growing Sun Belt markets, while markets in the Northeast and Midwest round out the top rent growth leaders.
“Despite third quarter demand hitting its highest level since 2021, it was not enough to match the new supply that came online”
“Despite third quarter demand hitting its highest level since 2021, it was not enough to match the new supply that came online,” said Jay Lybik, National Director of Multifamily Analytics at CoStar Group. “The supply-demand imbalance caused national vacancy rates to move up again, but at a slow pace, providing positive signals that the multifamily market is approaching stabilization.”
INCREASED DEMAND STILL OUTSTRIPPED BY NEW SUPPLY
In the third quarter, demand reached its highest level…
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