Vacancies Skyrocket As Renters Abandon The Market

• Apartment vacancies are rising as renters flee following a pandemic-related housing boom, according to a report in the Wall Street Journal.
• Apartment prices rose 25 percent over the past two years.
• However, in the third quarter of 2022, demand for apartments hit the lowest level since 2009, as measured by one-year change in unit occupancy.
• Also, demand for mortgages. fell 38 percent annually for the week ending Oct. 15 as 30-year fix-rate mortgages push 7 percent.

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