“Over-supply has been the most important driving factor on the rent front. There has been explosive growth in the number of housing units, particularly multifamily. In June 2024, private-owned housing completions had increased sequentially by 10.4% to a seasonally adjusted annual rate of 1.71 million units. That includes both single-family and five-or-more-unit multi-family. The latter represented the bulk of the construction at 656 thousand units. That was an increase of 26.2% month over month or 40.2% year over year. That's the highest seasonally adjusted rate since September 1974.” https://lnkd.in/eBRHiS3W