The third quarter of every year is historically the busiest for apartment rentals, but demand fell this year, according to RealPage.It’s the first time the rental technology platform has recorded a third-quarter drop in the 30 years it’s been tracking the metric. Demand dropped by more than 82,000 units nationally, according to the report. This came after a record number of new renters filled apartments during the first two years of the Covid pandemic. Now, household formation appears to have stalled, with more renters are now moving out than moving in. Apartment vacancies popped one percentage point to 4.1%, still very low due to that previous demand surge. “Soft leasing numbers coupled with weak home sales point to low consumer confidence,” said Jay Parsons, head of economics and industry principals for RealPage. “Inflation and economic uncertainty are having a freezing effect on major housing decisions. When people are uncertain, human nature is to go into ‘wait and see’ mode.”As a result of the slowdown in demand, asking rents, which had already been growing at a slower pace at the start of …
