“Apartment construction in America has been hovering near a 50-year high, and even though renter demand is strong, it’s not keeping pace with supply,” said Redfin Senior Economist Sheharyar Bokhari. “Many units are sitting vacant for months, which means renters have power to negotiate concessions and landlords have less leeway to keep rents high.”
Not everywhere. Shockingly to many, cities with higher rates of apartment construction have falling rents.
https://www.redfin.com/news/rental-tracker-may-2025/