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Small fall in apartment rents as recession bites

We expect a small fall in apartment rents next year, as stretched affordability and stagnant employment hit demand while completions surge. But as job growth recovers and the vacancy rate drops back, we expect rental growth will rise from -0.5% y/y at end-2023 to above 2% y/y by end-2025.

In view of the wider interest, we are also sending this US Housing Market Update to clients of our US Commercial Property Service.

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