"Seattle-based brokerage Redfin released a report this week that highlighted a 1.5% increase in asking rents for newly constructed apartments in 2024, the biggest spike in 18 months."
"We would usually predict that rents will stay flat, or even potentially fall, when there are so many new apartment buildings opening up. What's interesting in the third quarter is that rents are rising by more than the national average in the West and Midwest, even after the number of new apartments spiked between 30-50%, Redfin Senior Economist Sheharyar Bokhari said in the report."
"Asking rents rose 4.4% with 34.1% growth in new apartment completions in the West, indicating a complex interaction between high demand in expensive metros and new supply."
"The most significant increase was in the West, a region notorious for high market prices, where asking rents continue to rise despite high rates of new construction."
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