October's rent growth numbers marked the biggest drop in three years, but a new report from Yardi Matrix states that the recent deceleration is no cause for concern.
The past month’s decline in rent marked the largest in three years with average monthly rents falling by $3 in October, according to Yardi Matrix’s monthly survey of 123 markets. At $1,216, the country’s average rent growth has dropped the most since the average fell by $3 in October 2013. On a year-over-year basis, rents grew 4.4 percent, a 30-basis-point decline from September, and a 230-basis-point decline from the recent high in October 2015 of 6.7 percent. According to Yardi Matrix’s report, “The decline demonstrates a reversion to more ‘normal’ rent growth that we forecast at the beginning of the year.”
Read more...Matrix Monthly: October Rents Moderate