Reis: Rent-Growth Deceleration Continues in 1Q '17 via Multifamily Executive Magazine

The average U.S. apartment asking rent grew 0.4% in the first quarter of 2017, up to $1,315, and by 3.3% on a year-over-year (YOY) basis since the first quarter of 2016, according to Reis’1Q 2017 Apartment Sector Preliminary Trends Release. The research firm’s findings mark a significant deceleration in rent growth from the pace seen one year ago, when YOY rent growth exceeded 5%.

Effective rents, meanwhile, have grown 0.3% in the past quarter and 3.1% YOY. Reis’ Barbara Denham attributes the growing divide between asking and effective rents to the increasing use of concessions to attract and secure occupants.

Read more...Reis: Rent-Growth Deceleration Continues in 1Q '17 | Multifamily Executive Magazine