(NEXSTAR) – Slowing apartment construction and surging demand for rental units have allowed landlords to raise their asking prices, especially in 10 major metro areas, according to a new report from Redfin.

Data from the St. Louis Fed shows that the new construction of privately-owned multi-unit buildings peaked in October 2023, and has fallen steadily ever since. According to Redfin, that equated to a 45 percent drop in the number of new apartments being added to the market since the pandemic-era construction wave.

“Apartment construction boomed during the pandemic, but many of those projects have since wrapped up and fewer new ones are breaking ground,” said Redfin senior economist

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