he nation’s downtown neighborhoods have generally underperformed their suburban counterparts for rent growth in the past few years. Recently, however, urban core areas have made notable progress, and that performance gap is closing.
Across the country’s 50 largest markets, apartments in downtown locales averaged year-over-year new-lease rent growth of 2.3% in 3rd quarter. This was the fourth consecutive quarter annual rent growth has hovered near the 2% mark, after the pace of increases averaged at only about half that level between late 2016 and fall 2018. While rent growth in the nation’s urban core submarkets is still not fantastic, this recent momentum is encouraging.
Read more...Urban Core Areas See Improved Rent Growth Momentum via RealPage