Apartment rents, on average, fell by $3 in October to $1,216, according to data compiled from 123 markets recently released in a report by Yardi® Matrix. Despite the second straight month of decline in the average, rents grew 4.4 percent nationwide on a year-over-year basis.
“The declining trend is not unexpected and demonstrates a reversion to more ‘normal’ rent growth that we forecast at the beginning of the year,” according to Yardi’s report, due to the seasonal nature of apartment rents, outsize rental growth over the past year, increased supply of high-end lifestyle apartments that limit rental growth in some areas, and some slowing of job growth.
The leading areas for growth in October were three California metros—Orange County, San Diego and Sacramento—plus Phoenix and Kansas City, Mo. The metros in which rents trailed the most overall were San Francisco, Seattle, Denver, Boston and Portland, Ore.
View the full report here.
For more information, please visit www.yardi.com.