Redfin has an interesting look at the current state of multifamily rents. On one hand, they’re still incredibly high in an historical setting. On the other hand, it’s costing them in concessions.
The firm said that the median U.S. asking rent in August was $2,052. The same period in 2022 was the record high, but that was only $2 more. And the asking rent in July 2023 was $2,038.
Read more...How Concessions are Eroding Multifamily Rents via GlobeSt
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