Apartment List

Big 💜🎉news - Newsweek just named Apartment List one of America's 2024 Top Most Loved Workplaces® 💜 We’ve always known our A-Listers make this a pretty incredible place to be, but getting official recognition? That feels pretty great. But wait—there’s more! Not only did we make the main list, we also got shoutouts in these categories: 🏅Top Most Loved CEOs at Most Loved Workplaces 🌈 Top Most Loved Workplaces for LGBTQ+  👨👩👧👦 Top Most Loved Workplaces for Parents and Caregivers  🎖️ Top Most Loved Workplaces for Veterans  🤝 Top Most Loved Workplaces for Volunteering  🧘 Top Most Loved Workplaces for Wellness 💪 Top Most Loved Workplaces for Women 🚀 Top Most Loved Workplaces for Young Professionals  📈 Top Most Loved Workplaces for Career Advancement To everyone at Apartment List: this is for you. Every bit of heart, humor, and hustle you bring makes this an amazing place to work. Onward and upward! 💪✨ #ApartmentListCulture #TopWorkplace #ProudToBeAnALister

We suspected there would be more vacant apartments in Q2, but renters moved in faster than we expected. Even though there were more new apartments, they filled up quickly keeping the vacancy rate pacing to forecast. Despite Q2’s performance, property teams still need to brace for the impact of the record-breaking supply coming to market. To best handle this influx, Apartment List partners can unlock Lea Pro, our GenAI Sales Agent, at no additional cost to engage, qualify, and convert more renters. Ready to learn more? https://bit.ly/3XLRac2

More apartments are sitting empty – 6.7% now, the most since 2020. As the chart shows, this number's been steadily going up for two years because an unprecedented amounts of new apartments are finishing construction. We expect the national vacancy rate will continue to slightly rise for the rest of the year because of all the new units entering the market. More choices for renters typically means more competition for property teams. However, vacancy data tends to vary at the local level. Want to know what’s going on in your area? Check out the data from our research team so you can prepare accordingly: https://bit.ly/3TH3DfS

Check out the blue line in the graph. Housing inflation is still elevated, but it is finally beginning to cool. Just this last week, the Fed announced that the rates were cut by half a percentage point. But what does this mean? While it’s a bit too early to say what this means for the multifamily industry, we may see cheaper loans and lower mortgage rates, potentially inspiring more renters to buy. How do you think the Fed’s latest announcement will impact your local market?

📊 Rental Market Insights: Softness Pervades in the Sun Belt Markets building the most rapidly are also seeing the sharpest dips in rent prices. ☀️ Where’s it happening? Sun Belt markets are seeing YoY rent declines across the board. - This is most clear in Austin, which has the sharpest decline among large metros w/ prices down 7.5% in the last year. The metro is permitting new homes at the fastest pace of any in the country. - Among the 10 metros with sharpest YoY rent declines, several also rank the highest in new construction permits – all of them are in the Sun Belt. - Northeast and Midwest metros are maintaining positive rent growth due to less construction. What’s your take – does the data in this post align with what you’re experiencing locally? Tell us where you’re based in the comments!

📊 Rental Market Insights: The Big Picture of National Rent Trends As we continue to look at insights from our research team’s latest rent report. It reveals the national median rent is $1,412 as of the end of August 2024. Rents are still 23% higher than at the start of 2021, so think of this as just a cooldown, not a reversal after the extreme growth seen in 2021-2022. These trends are indicative of sluggish demand finally coming head-to-head with the record-breaking post-pandemic construction boom. What’s your take? Is your own local market aligned with the national trend or does it differ?

📊 Rental Market Insights: Consistent Year-Over-Year Rent Declines Our research team’s latest report aims to make sense of this “rent rollercoaster” shaped graph. They discovered: - Rents continue to be cheaper than one year ago. - YoY rent growth remains negative at -0.7%. - This marks the 15th consecutive month of negative YoY growth. ☝️ What this means: - Renters continue to have increased bargaining power in many markets. - Property teams may need to rethink long-term pricing strategies. - Investors should factor in this trend when projecting returns. What do you think – is this a temporary shift or indicative of something that’s here to stay?

Do you know what the average cost of turning over a rental unit is? It hit $3,872 last year, so it's imperative now to make sure your retention strategies are up to today’s standards. Our recent blog post dives into how to overcome changing renter demographics and insights on why tenants leave (hint: it's not always about the rent). The blog also features 8 actionable tips to minimize turnover, including: - Personalizing the resident experience with GenAI and data - Enhancing amenities for the work-from-home era - Balancing tech efficiency with human connection Ready to keep residents renewing and increase your NOI? Check out the post for the full list of tips: https://bit.ly/47Bgh5R

📊 Rental Market Insights: Seasonal Shift Arrives Early In our Research Team’s latest rent report, August marks the first MoM rent decrease since January, signaling an early start to the fall rental cooldown. 🏗️What you need to know: - Peak monthly rent growth occurred in March both this year and last - two months earlier than pre-pandemic norms. - Cumulative rent increases during summer have been lower than in previous years. - Recent seasonal dips have been more significant than prior years. ☝️What this means: - Expect accelerated rent declines in the coming months as fewer households move during the school year and colder seasons. - The rental market continues to reflect supply-rich conditions, a trend we've observed since late 2022. How are you adapting your leasing strategies to this evolving seasonal pattern?

Looking for pricing and occupancy trends in Florida's rental market? Join our upcoming FREE webinar with Senior Economist, Chris Salviati, on Thursday, September 12th at 1 PM ET for access to these insights and more. Start winning in Florida's rental market. Click below for more details and to register now!👇 #rentalmarketwebinar #floridarentalmarket #rentalmarket #rentaltrends #rentalmarketinsights #apartmentlist