Asking Rents Continue to Decline Year-over-year
Every month I review rents and vacancy rates. First, a survey of data …
Apartment List: Asking Rent Growth -1.1% Year-over-year
From ApartmentList.com: Apartment List National Rent Report
Rents up 0.2% month-over-month, down 1.1% year-over-year
The national median rent ticked up by 0.2 percent in July, increasing for the sixth consecutive month. We are now approaching the tail end of the peak moving season, and the off-season cooldown in prices is likely to begin in another month or two. This trend is in line with typical seasonal patterns – prices generally increase in the spring and summer when most moves take place, and then soften in the fall and winter as moving activity slows.
Our national vacancy index – which measures the average vacancy rate of stabilized properties in our marketplace (i.e. those that have completed their initial lease-up phase) – hit a peak of 7.3 percent in February, marking the highest level since we started tracking occupancy in 2017. Since then however, the vacancy rate has been slowly creeping down, and now sits at 7.2 percent. This marks the first time that we have seen a decline in our national vacancy index since late 2021. After bottoming out amid the pandemic era housing frenzy, the vacancy rate gradually loosened from record lows to record highs, but it appears to have finally hit its peak.
Realtor.com: 35th Consecutive Month with Year-over-year Decline in Rents
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