Demand for new apartment leases has "all but evaporated" as consumer confidence remains low and inflation continues to rise, according to the latest data from RealPage.
In other words, say farewell to the days of record-high household formations.
"We've never before seen a period like this – weak demand for all types of housing despite robust job growth and sizable wage gains," RealPage Chief Economist Jay Parsons said. "It wasn't just apartment demand that shot up in 2021 and plunged in 2022. The same pattern played out to varying degrees in other rentals and in for-sale homes."
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