The national average apartment rent fell by $3 in October to $1,216 from $1,219, three times the amount it fell last month, according to the Matrix Monthly report by Yardi Matrix. This is the second average apartment rent decrease since November 2015 and the steepest month-over-month drop since October 2013. However, rents grew by 4.4% on a year-over-year basis in October, down 30 basis points (bps) from September’s year-over-year growth but up 230 bps from October 2015.
Yardi attributes the deceleration in the national average rent not to a market slowdown but to a moderation of 2015's and early 2016’s high growth in many metros.
Read more...Yardi: National Average Rent Continues Falling as Growth Moderates | Multifamily Executive Magazine