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Year-Over-Year Apartment Rent Growth Slips to Lowest Level in Two Years
Year-over-year apartment rent growth is continuing to decelerate, and now stands at 2.6% nationally, its lowest level since April 2021, according to Apartment List. Annual growth is now pacing “slightly below the average rate from 2018 to 2019 (2.8%) and is likely to decline even further in the months ahead,” Apartment List reported
The company’s vacancy index currently stands at 6.6%, putting it back in line with the average pre-pandemic rate. Given a record number of multifamily units currently under construction, “we expect that supply constraints will continue to soften,” wrote Apartment List’s research team. “2023 could be the first time since the early stages of the pandemic that we see property owners competing for renters, rather than the other way around.”
That being said, rents increased in March in 78 of the nation’s 100 largest cities, up from 62 cities that saw prices rise in February.
- ◦Lease
