News Analysis
Demand for apartments in the United States crashed this summer, with asking rents dipping in September and the number of renters moving out of apartments exceeding the number moving in during the third quarter.
The surprisingly sharp drop in rental demand comes as home sales continue to weaken, suggesting that inflation and economic uncertainty are causing more Americans to put major housing decisions on hold, according to a recent report by real estate software and data firm RealPage.
The net change in the total number of apartment units leased was -82,095 from July through September, marking the first third-quarter period of negative apartment demand in at least 30 years, the report found. Typically, more people relocate during the summer months, leading to an elevated number of move-outs and move-ins, but move-ins appear to have slumped this summer….