Apartment demand in the third quarter of 2022 dropped into the negative for the first time in 30 years as many renters have lost confidence in the market due to economic uncertainty, according to RealPage analytics.
Rental markets boomed at the start of 2022, but Q3 data shows a 1.0% increase in apartment vacancies despite a 0.2% month-over-month asking price decrease in September, RealPage reported. Weak rental numbers, despite the first month-over-month asking price drop since December 2020, point to a general economic uncertainty among renters who have adopted a “wait and see” mentality, the outlet reported.
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