Although lower in velocity than the apartment sector saw a few years ago, rent growth is continuing across the board, RealPage Inc. said Wednesday. However, occupancy has slipped fractionally and the balance of 2017 poses a question mark around this metric.
Effective rents for new leases climbed 0.9% in the third quarter and 2.6% year over year, according to data from RealPage and Axiometrics. Annual rent growth has maintained a rate between 2.5% and 3% thus far this year, slowed considerably by an influx of new product. In contrast, annual growth of 5% or better was not uncommon in 2015.
Read more...Moderate Pace Continues for Apt. Rent Gains | GlobeSt.com
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