An apartment construction boom is giving renters more options and better deals

• More new multifamily units were completed in June than in any month in the past 50 years.
• More than half of rentals are offering a concession in Raleigh, Charlotte, Atlanta, Salt Lake City, Nashville and Austin.
• The rental vacancy rate held steady at 6.6%. The last time a higher share of rentals sat empty was winter 2021.

SEATTLE, Aug. 12, 2024 /PRNewswire/ — More property managers offered concessions on their rentals in July as rent growth slowed, new data from Zillow® reveals. The post-pandemic construction frenzy continues to help soften rent growth. More new multifamily units were completed in June than in any month since the 1970s.

The share of rental listings on Zillow offering a concession — a sweetener such as free weeks of rent or free parking offered as an incentive to rent — climbed to 33.2% in July. That’s up slightly from 33% in June and 25.4% a year earlier.

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Source: Zillow – Aug. 2024

Virtual Networking Event

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🎉 Brewing Connections – Virtual Edition! 💻🍻
The Alignable Alliance of Greater Chicago is kicking off August with a bang (and a bandwidth check)!

📅 Thursday, Nov. 6th
⏰ 4pm -5pm CST Open Networking – Virtual Style

Hop into our online meet-up and connect one-on-one with 7 awesome local business owners in breakout sessions designed for real convos and real connections. We’ll be brainstorming venues for upcoming in-person events—so bring ideas and your inner event planner!

💡 Want to engage more? Volunteer? Co-host a live event? We’re building something special, and your energy could help drive it!

If you’re curious, collaborative, and maybe a little caffeinated, don’t miss this!

Sounds like fun? It will be. Need more info? Just show up—we’ll take it from there.
👉 Let’s brew up something great together!