Throughout the past two-and-a-half years, we have seen asking multifamily rents climb at the fastest pace on record, at 21.7%. But with this, the asking multifamily rents have now fallen month-over-month for the first time since May 2020. The Fed has been aggressive with rising interest rates to combat inflation. These rising rates will eventually take its toll on the...
Report Data Courtesy Due to an easing economy, rising interest rates, and less demand for multifamily units, multifamily asking rents have finally declined in November. National asking rent has now fallen to 7% year over year. For November, the average U.S. asking rent for multifamily decreased by $9 to $1,729 (as seen below). This is the largest decline over one...
From September to October asking rents went up by only 0.16%. While this is a very small increase (and another month of deceleration in rental growth), it is actually expected to be around that at this time of the year. The month over month rental increase for this time before Covid was actually on average about 0.08%. So, when looking...
56 of 136 markets forecasted in the United States saw month over month declines. The United States as a whole had month over month average asking rents increase only by one tenth of a percent for September. That is the lowest increase for September since 2017. There have been 18 months of record-breaking average rent increases that have now come...
For September of this year the average asking national asking rent was $1,718, the same rate as it was in August (as seen in the graph below). With this, rents are still up 6.6% from the start of the year. Typical rents are usually up by an average of 2.9% when it gets to September, so 6.6% is still a...
The overall average U.S. asking rents have decreased by $1 (or 0.1%) in August down to $1,718 (as seen in the graph below) and year over year growth has actually decelerated by 170 basis points to 10.9%. This decrease in rent is the first time since June of 2020 where there hasn’t been growth in the market rents. This slowdown...