Why is my rental not renting?

[Jake Andronico]

We've heard this question a decent amount recently, and I'm assuming that it's Nationwide due to the stats below: 

2024 is the most apartment units completed in a single year since 1987.

We're definitely no longer in the days of throwing up 3 blurry photos, pushing rents, and having 5-10 applications within a 3 day period (COVID era). 

Marketing, professional photos, and dialing in the rental amount are crucial, and we've noticed nicer units at better prices being leased out much faster (well yeah, duh...). 

But, how long with this supply glut last? Look at the data from multifamily starts for this year: 

2024 YTD shows 193,000 more units COMPLETED compared to those STARTED. 

So, the outlook for 2025, 2026, and beyond will be very interesting. Will rents go back to their peaks and eventually past? 

We strongly believe so with this data. What're your thoughts?