News Brief: U.S. Apartment Rents Fall as Vacancies Hit Record High
Summary
The U.S. apartment market is cooling significantly, with rents falling for the fourth consecutive month and the national vacancy rate reaching a record high of 7.2% in November. This trend is driven by a large wave of new apartment supply entering the market just as demand, particularly from younger adults, weakens.
Key Points
- Rents & Vacancies: The national median rent fell 1% in November to $1,367 and is down 5.2% from its 2022 peak. The vacancy rate held at a record high of 7.2%.
- Supply & Demand Mismatch: A historic construction surge is now slowing, but many new units are still opening. Demand is weak, especially from young adults (aged 18-34), 32.5% of whom now live with family due to high rents and a tough job market.
- Market Impact: Major apartment REIT stocks (e.g., AvalonBay, Equity Residential) are down year-to-date. Rent declines are sharpest in markets like Austin (due to oversupply), Las Vegas (slower tourism), and Boston (reduced biotech funding and foreign students).
- Renter Shift: Renters are searching more in affordable Midwest markets. Cincinnati, Atlanta, and Kansas City were top search destinations last summer.
- Outlook: New supply is expected to decline through 2027, but near-term supply estimates for 2025-2026 were revised upward. The market may stabilize as construction slows, but weak labor market conditions threaten demand.
新闻简报：美国公寓租金下降，空置率创历史新高
摘要
美国公寓市场显著降温，租金连续第四个月下降，11月全国空置率达到7.2%的历史新高。这一趋势是由大量新公寓供应进入市场，同时需求（尤其是来自年轻成年人的需求）疲软所驱动的。
关键点
- 租金与空置率：11月全国租金中位数下降1%至1,367美元，较2022年峰值下降5.2%。空置率维持在7.2%的历史高位。
- 供需错配：历史性的建设热潮正在放缓，但仍有大量新单元上市。需求疲软，尤其是年轻成年人（18-34岁），其中32.5%因高租金和严峻的就业市场而与家人同住。
- 市场影响：主要公寓REIT股票（如AvalonBay、Equity Residential）年内下跌。奥斯汀（供应过剩）、拉斯维加斯（旅游业放缓）和波士顿（生物技术资金和外国学生减少）等市场的租金跌幅最大。
- 租客转向：租客更多在负担得起的中西部市场寻找房源。去年夏季，辛辛那提、亚特兰大和堪萨斯城是搜索量最高的目的地。
- 展望：预计新供应量在2027年前将持续下降，但2025-2026年的近期供应预测被上调。随着建设放缓，市场可能趋于稳定，但疲软的劳动力市场状况威胁需求。
Original Article Link: https://www.cnbc.com/2025/12/02/apartment-rents-vacancies-november.html