In July, the national multifamily vacancy rate rose to 7.1%, a record high since 2017. Landlords are still facing an oversupply issue, with rents remaining stagnant at a median of $1,402. However, some cities like Austin are experiencing rent declines, while others like San Francisco are seeing rent increases. The market is expected to shift as construction slows down.

The multifamily rental market continues to face sluggishness as rent growth slips and vacancies hit an all-time high. With uncertainties stemming from current policies, demand has been modestly affected. While some cities are experiencing rent growth, others are facing declines. Construction is expected to slow down, leading to potential market shifts in the future.

Read more at CNBC: Apartment rents drop in July as vacancies move to multiyear high