Axiometrics Inc., the leading provider of apartment data and market research, reports that at the national level annual effective rent growth slowed to 3.4% in the first quarter of 2013. For comparison, annual effective rent growth measured 4.0% in the first quarter of 2012 though it moderated to a 3.6% annual rate by the end of the year. Further, Axiometrics' data indicates that the effective rent growth rate has slowed for seven consecutive quarters as many Metropolitan Statistical Areas (MSAs) are decelerating from very strong growth the previous three years. Peak annual rent growth at the national level during this cycle was 5.32% in July 2011. Despite the overall slowdown, many markets are still experiencing above-average rent growth rates, with 29 of the top 88 MSAs reporting annual effective rent growth of greater than 4.0%.
Read more...Axiometrics Reports Effective Rent Growth Slowdown for Apartment Market During First Quarter via marketwire.com