From CNBC:

The apartment market is seeing a surge in new construction, leading to falling rents nationally. The average rent for a one-bedroom apartment is $1,207, while a two-bedroom is $1,359. Rents are predicted to continue declining as the multifamily vacancy rate rises to 6.5%. Some markets, like Miami and Milwaukee, remain highly competitive for renters due to limited supply of apartments and high demand fueled by remote work options and affordability in the Midwest. Younger Americans are finding it challenging to transition from renting to homeownership due to high home prices and rising mortgage rates.



Read more at CNBC: Most competitive rental markets for 2024