Finally, a glimmer of hope for renters: Asking apartment rents actually fell between July and August, according to a new Apartments.com analysis — breaking a 20-month streak.
“In 12 months, we’re seeing a complete market reversal, with demand outstripping high-end units and now new supply outpacing demand,” said Jay Liebick, national director of multifamily analytics at Costar Group, which owns Apartments.com. In their statement about the report.
Overall, rental inquiries fell 0.1% in August from the previous month, and only 13 of the 40 largest markets tracked by Apartment.com had “positive or zero rents over the month,” the statement said.
For example, in Nashville, Tenn. Rents fell 1.1%, or $18, while San Francisco rents fell 0.9%, a change of $29 over the month.
Still, compared to last year, rental prices continue to rise. Rents rose 7.1% in August from the same point in 2021 – a bit cooler than the 8.4% year-over-year growth seen in July, but for some renters it could be painful regardless.
Rents have increased the most, including Orlando, Miami, Fort Lauderdale, Charlotte and Salt Lake City.
“Year-over-year rental data continues to suggest that the multifamily market is performing meaningfully above historical averages, but major markets continue to retreat sharply in a year when they should be posting good results,” reads an analysis of ApartmentsDescription.com.