Average U.S. rents fell by $1 in November, down to $1,358, according to Yardi Matrix’s Matrix Monthly survey of 121 markets. This marks the second consecutive month of average rent decline, though Yardi notes that rents are stabilizing at moderate growth levels. The year-over-year rate of rent growth is up to 2.5% nationwide, up 10 basis points over October.
Yardi attributes the slight decline to seasonal factors. It maintains that the overall growth rate is steady despite ongoing new supply growth, affordability struggles in major coastal metros, and rent gain pressures in the Pacific Northwest.
Read more...Yardi: Year-Over-Year Rent Growth Rises to 2.5% Nationwide | Multifamily Executive Magazine
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