There was noted heavy demand for more space during the heights of the pandemic. When offices and schools were closed, along with cafes, libraries, and other places that might offer a place to work or study, people looked for larger living spaces. That could be purchasing a house out of a city, or it could also be leasing a larger apartment.
Renters' choices are swinging back in the other direction now.
"In yet another example of apartment fundamentals returning to pre-pandemic norms, occupancy among unit types has rebounded back to typical pre-COVID patterns," RealPage writes. "In particular, occupancy among the largest unit type – three-bedroom units – has softened, after surging to all-time highs earlier in 2021 and 2022."
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