Weak demand from customers for rental apartments continued in February, ensuing in the even more deceleration of inquiring rents. Whilst rents nevertheless improved on typical, the speed at which rents elevated has slowed considerably. Given that the stop of 2022, annual rent development nationally declined by 80 foundation factors to 2.9%, which is under the five-calendar year pre-pandemic normal of 3.2%. This development is mostly driven by the source of new multifamily units significantly outpacing demand from customers, main to a glut of offered models on the market and downward stress on rental charges.
