The U.S. rental market is finally stabilizing, years after the peak of the pandemic. Vacancy rates in many cities have returned to pre-pandemic levels, and rent growth has slowed nationally. By recent measure, more than one in three rentals offered a concession. This is also happening amid a construction boom that’s led to the highest number of new multifamily units in 50 years. And as the financial impacts of the pandemic and inflation wane, renters are still focused on budget.
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