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Contrary to the “Field of Dreams” catchphrase, new apartment complexes are being built but not that many people are coming to rent units.

According to new data from Redfin (NASDAQ:RDFN), less than half (47%) of newly constructed apartments that were completed in the fourth quarter were rented within three months. This is down from a 60% level recorded one year earlier, and it also marks the lowest seasonally adjusted share on record (not counting the pandemic-impacted first quarter of 2020).

Redfin noted there were 90,260 new apartments completed in the fourth quarter, the second highest number in records dating back to 2012. During the past three quarters, the rental vacancy rate has around 6.6%, the highest level since 2021.

However, this situation is not driving down rents. Instead, Redfin noted the median apartment asking rent rose 0.8% year-over-year in May to the highest level since October 2022. Renters today must earn $66,120 to afford the median priced apartment – $11,408 more than the typical renter earns.

“If you’re looking for a rental and you’ve noticed a lot of new apartments popping up in your neighborhood, it may mean you have room to negotiate on price or ask for concessions like discounted parking or a free month’s rent,” said Redfin Senior Economist Sheharyar Bokhari. “But if you live in an area where the supply of new apartments is limited, deals may be harder to come by. Building more housing is a tried and true way to ease the housing affordability crisis, and with rent and home prices at historic highs, local and federal leaders should continue to encourage more construction.”