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Tag Archives: rentals

Share of Millennial Renters Declining as Gen Z Fuels Demand

Outpacing millennials, Gen Zers are now driving renter households, according to a new analysis from the Joint Center for Housing Studies. As Gen Z rental demand heightens and older generations exit the rental market, experts predict the number of renter households Gen Z adds in the next 15 years will be an important pillar of housing demand.

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Increasing Rental Inventory Fuels Rise in Vacancies

While available rental inventory has increased, the overall rental vacancy rate hit nearly 7% in Q3, representing the highest level since 2021. A new Redfin report shows asking rents continuing to linger just below their record high from October.

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Nationwide Construction Boom Expected to Remain High Until 2025

While millions of units are expected to be developed in the coming years, developers are expected to open 460,860 rentals by the end of December. However, a new RentCafe study revealed even that may not be enough to keep up the pace with surging nationwide rental demand as more and more Americans opt for renting over buying.

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Rising Home Prices Fueled by Ongoing Supply Shortage

Redfin's latest housing market update showed that the total share of homes on the market is down nearly 18% year-over-year, representing the biggest decline since February 2022. A significant lack of homes for sale caused home prices to rise nearly 5% annually, as mortgage-purchase applications remain at their lowest level in nearly three decades.

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Student Housing Continues Strong Rent Growth

A new study from Yardi Matrix revealed student housing posted five consecutive months of annual rent growth of over 7% recorded through June, while new data projects rates to remain solid throughout the 2023-2024 semester.

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