What a difference a year makes. In the first half of 2022, rents were growing by 10% or more in over 75% of U.S. markets. The picture for 2023, by comparison, has looked decidedly different. Vacancies continue to rise as rents are dropping. The culprit? A glut of new units hitting the market.Unsurprisingly, many developers who bet big on multifamily are struggling with lease-up. Meanwhile, construction and operating costs are rising as borrowing ...