Finally, a silver lining for renters: Asking rents for apartments actually fell between July and August, according to a new analysis from Apartments.com, snapping a 20-month growth streak.
“We are seeing a complete reversal in market conditions in just 12 months, from demand significantly exceeding available units to new deliveries now exceeding lackluster demand,” Jay Lybik, National Director of Multifamily Analytics at CoStar Group , which owns Apartments.com, said in a statement about the report.
Overall, asking rents were down 0.1% in August from the previous month, and only 13 of the 40 largest markets tracked by Apartments.com “saw positive or zero monthly rents,” the statement said. .
Rents in Nashville, Tennessee, for example, fell 1.1%, a drop of $18, while rents in San Francisco fell 0.9%, a change of $29 in one year. month.
Yet, compared to last year, rental prices continue to grow. Rents rose 7.1% in August from the same point in 2021 – a slight pullback from the 8.4% year-on-year growth seen in July, but likely painful for some tenants , whatever.
Rents rose the most in cities like Orlando, Miami, Fort Lauderdale, Charlotte and Salt Lake City.
“Year-over-year rent data continues to suggest that the multifamily market is performing significantly above previous averages, but major markets continue to decline rapidly at a time of the year they should have posted their best results ever,” the statement on Apartments.com’s analysis read.