AZ BIG MEDIA (OCTOBER 25, 2018) -The nation’s apartment market saw a reversal in rent growth trends in 3rd quarter 2018, as previously slowing price positioning suddenly rose again. While nearly all top 50 markets picked up some momentum in recent months, a handful progressed at an especially solid pace, according to RealPage, the leading global provider of software and data analytics to the real estate industry.
U.S. apartment rental rates climbed 3.0% year-over-year as of 3rd quarter, notably above the 2.5% increase from 2nd quarter. This was the first time in roughly four years that rent growth momentum took such a significant upward turn of 50 basis points (bps) or more.
In Phoenix, there was 6.3% rent growth year-over year in the 3rd quarter 2018.
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