For the first time in 30 years, Q3 saw 'negative demand' for new apartments, new data show. That means more people moved out of apartments than moved in.
Data: RealPage Market Analysis; Note: Negative demand means more renters moved out than moved in; Chart: Axios VisualsSoaring rent prices have been a major driver of inflation. This could be a sign that those price pressures are starting to ease — but it could take time before the consumer price index numbers reflect the shift.Demand for new leases took a surprising tumble in the third quarter, according to data from RealPage.
Negative demand is a sign of a slowdown in new household formation — people holding off on moving out of their current situation, in other words. “Inflation and economic uncertainty are having a freezing effect on major housing decisions," Jay Parsons, head of economics and industry principals for RealPage, said in a report out last week. "When people are uncertain, human nature is to go into 'wait and see' mode."
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