Seasonal trends, along with the continued moderation of the apartment market, were reflected in the August 2016 performance picture, according to Axiometrics, the leader in apartment and student housing market research and analysis.
August annual effective rent growth of 2.9% was the first time the rate fell below 3% since February 2014. Rent growth still remains above the 1996-2015 average of 2.2%. Meanwhile, occupancy increased to 95.2% in August.
"Historically, rent growth has decreased and occupancy has increased in August," said Jay Denton, senior vice president of analytics for Axiometrics. "With school starting, more people are settled in their residences and fewer people move. The reduced demand has property owners and managers holding off on rent hikes."
Read more...Moderation Trends Impacting Apartment Market in August According to Recent Axiometrics Report | MultifamilyBiz.com