The boom in apartment completions, with more on the way, has given renters greater options in the most desirable markets and at a cheaper rent.

Median asking rents fell year-over-year in November by 2.1%—the biggest annual drop since February 2020—and by .6% month-over-month, according to Redfin, to reach  a median rent of $1,967. The Midwest is the only region that saw rents rise YoY in November.

With so many new units to fill, many operators are offering concessions and slashing asking rents.

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