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Demand for shelter skyrocketed in response to the pandemic. With some financial assistance from federal stimulus and a push by lifestyle changes, renters and homeowners alike reviewed their current living situations, and many found a change was in order. The resulting increase in household formations in a short period of time pushed up both for-sale prices and rents.

I sat down with my coworker Kimberly Byrum, Zonda’s managing principal of advisory and multifamily expert, to learn how the for-rent market is performing given the unprecedented backdrop of supply chain and availability challenges and seemingly insatiable demand.

Wolf: Kimberly, when we spoke in 2021, you said the rental market was the hottest you had seen in your 30-year career. Where is it today?

Byrum: The market today can be categorized in two words: no availability. We are in the middle of peak leasing season, which is typically the second and third quarters of the year, and we have the lowest number of vacant units available on record.

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