CoStar profits up, but demand for apartment ads sinks

UPDATED Oct. 27, 2021, 12:11 p.m.: CoStar Group’s profits ticked up in the third quarter as revenue returned to a double-digit growth rate. However, with apartment hunting pushing vacancy rates to historic lows, demand for apartment advertising has weakened, generating headwinds for the company’s online market platform Apartments.com, the company said. “This spike in occupancy levels is unprecedented,” CEO Andy Florance said on an earnings call. “I believe it begins to reconcile in the next