1047 ET - In 3Q 2024, only 47% of newly built apartments were rented within three months, tying with 4Q 2023 for the lowest rate since 2012, excluding early pandemic data, Redfin says. With 142,900 new units completed--the most ever--renters have ample choices, slowing absorption. Landlords are cutting prices and offering perks like free parking, though Redfin warns these may fade as apartment construction permits have dropped nearly 10% year over year. Fewer future options could push rents up by next year, despite a current surplus from pandemic-era builds. The rental vacancy rate hit 8.2% in 2024, the highest since early 2021. Median asking rent rose 0.4% to $1,607, still $100 below its peak. Unlike 2023's declines or the pandemic's double-digit spikes, rents are now stable, reflecting balanced supply and demand. (chris.wack@wsj.com)

(END) Dow Jones Newswires

March 07, 2025 10:48 ET (15:48 GMT)

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