Rent Increases Continue to Slow
Several national groups that track real estate activity are reporting that rent increases have slowed and median rents are down.
According to the latest Yardi Matrix, U.S. multi-family rents rose $4 in May to $1,381. However, year-over-year, the increase fell to 2% (down from 2.5% in April) which was the largest one-month drop in basis points in over 6 years.
Rental information site Zumper recently released their National Rent Report for June showing that the median national rent for a 1-bedroom apartment rose slightly to $1,198 (up 1.1%) while the two-bedroom average grew 1% to $1,436.
National apartment listing site ABODO recently reported that the median nation-wide rent price for one-bedroom units were down 3.9% year-to-date, coming in at $1,005. Two-bedroom units came in at $1,220, which is down 2.7% year-to-date.