There is a surge of new apartment inventory starting to hit the market, most of it luxury rentals. While such buildings have had little difficulty finding tenants in the past, that may be changing, according to Zumper’s latest multifamily report. 

CEO Anthemos Georgiades cautions that vacancy rates in such buildings are on the rise. The reason is that renters are scaling back due to fears about the economy, he says. “That means,” he says, “these new Class A properties coming to market in many cities will have a harder lease-up period than originally anticipated, putting downward pressure on luxury rental pricing.”


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt. Multifamily Fall 2024Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.