The correlation between job growth and effective rent growth is well-known. But if you needed further proof, it came in the most recent jobs numbers – not to mention the influx of new apartment supply, apartment rental data shows.
National year-over-year job growth was 1.6% in June, a moderation of 70 basis points (bps) since the cycle’s peak in February 2015. While job gains nationally and in several major metros are declining, only eight of the top 50 job-gain markets recorded slower annual job growth than the national average.
Read more...Axiometrics.com | Job Growth Decline + Peak Apartment Supply = Rent Growth Drop