Annual effective rent growth at national level has been moderating for the last two years and the trend continued in September. For the month, annual effective rent growth measured 2.99%; occupancy remained at Axiometrics’ forecasted rate of 94.9%.
In line with slowing annual effective rent growth at the national level, Class A and B properties also continued to show signs of moderation for the month. Comparing September 2012 to September 2013, both Class A and B properties decreased in annual effective rent growth, from 3.81% to 2.55% and 3.53% to 3.20%, respectively. In contrast, Class C properties increased annual effective rent growth from 3.73% in September 2012 to 4.32% in September 2013.
Read more...September 2013 Apartment Market Summary