As the Vacancy Rate Rises, Rents Are Poised to Fall
Pro Builder
MAY 18, 2023
Increased supply of newly constructed apartments has led to a vacancy rate of 6.4%, the highest in two years, and that availability is sending prices slightly lower. Detroit, where the median rent is $1,390, was in second place, with an 8.9% And in Las Vegas, the median lease was 5.7% and 8.9%, respectively.
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