Fewer than half of newly built apartments were rented within three months of completion at the end of 2024, marking the fifth consecutive quarter of sluggish demand, according to a new report from tech-powered real estate brokerage Redfin.
Just 49 percent of apartments completed in the fourth quarter were leased within 90 days, Redfin found. That rate is slightly above the prior quarter’s 47 percent but still lags well behind pre-pandemic norms. The data, based on U.S. Census Bureau surveys, highlights ongoing softness in the rental market despite a strong pace of new construction.
