Friday, September 5, 2025

Effective asking rents for professionally managed apartments ticked up just 0.2 percent year-over-year in May 2023, with change measured on a same-store basis.

Rents fall behind inflation

Effective asking rents for professionally managed apartments ticked up just 0.2 percent year-over-year in May 2023, with change measured on a same-store basis.

Since the second half of 2022, seasonal declines have been steeper than usual and seasonal increases have been more mild. As a result, apartments are on average slightly cheaper today than they were one year ago. Year-over-year rent growth nationally currently stands at -0.8 percent and has now been in negative territory since last summer.
And with this year expected to bring the most new apartment completions in decades, we expect that there will continue to be an abundance of vacant units on the market in the year ahead.

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