Annual effective rent growth has continued flattening out, especially in the urban core of many markets, according to Dallas-based Axiometrics. Nationally, effective rent growth for apartments in January remained essentially flat at 2.8%, compared with 2.7% in December 2013. The annual growth rate peaked at 5.3% in June 2011, and has slowed in eight of the past 12 months.
“As we get further into 2014, concern remains about which MSAs will become oversupplied as new supply outpaces demand,” says Jay Denton, VP of research with Axiometrics. The company has projected that 240,000 new units will be delivered nationwide by year’s end.
Read more...MF Rent Growth Flattens More - Daily News Article - GlobeSt.com
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