VIDEO: Industry Leaders on the Slowdown in Apartment Rent Growth
A new report from Redfin showing that the median U.S. asking rent rose just 1.7% year-over-year in February offers fresh evidence of what we’ve been hearing both anecdotally and through industry data: apartment rent growth has decelerated in recent months.
“It’s not negative, but it’s definitely a slowdown in the robust pace of growth that occurred in 2021 and 2022 following COVID,” Robert Hart, CEO of TruAmerica Multifamily, told Connect CRE at the recent National Multifamily Housing Council Annual Meeting. He said that looking at the numbers across TruAmerica’s own portfolio suggested a slowdown in the fourth quarter of 2022.
In the video below, you’ll hear further insights from Hart on where he expects rent growth to go as 2023 progresses. Connect CRE also sounded out James Flynn, CEO of Lument, and Malcolm Davies, managing partner of Way Capital, on the question of whether the direction rent growth has been taking has affected the way they’re structuring deals.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).