Small apartments are in, and it's causing rents in new buildings to drop

• Rents for new studio apartments dropped 20.9% over the year in Q1 2024 due to a supply surge.
• New US apartment construction hit a near-record high, with over 90,000 units in Q4 2023.
• Despite lower rents for newly-built studios and one-bedrooms, larger units remain scarce and costly.

If you were thinking of moving, right now could be a great time to sign a lease on a newly-built studio apartment.