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Nationwide Apartment Rent Growth Slumps To 8-Year Low In Q2

BISNOW (June 27, 2018) – Though millennials and baby boomers alike continue to drive demand in the U.S. multifamily sector, the market is losing steam amid elevated supply pressures, rising interest rate concerns and issues related to the length of the cycle.

The good news: U.S. apartment rents advanced 2.3% from January to midyear, according to real estate analytics firm RealPage. Rent prices were up 1% in Q2 compared to the year prior, with Orlando, Florida; Las Vegas; and Jacksonville, Florida; leading the country in annual rent growth. But RealPage Chief Economist Greg Willett told Bisnow that although rents have risen a record-breaking 32 quarters, the pace at which rents are growing has slowed considerably because of the wave of multifamily product under construction and market headwinds that come with the aged cycle.

Read more at: BISNOW.

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