Apartment List says their national rent index increased by 0.5% over the course of April, representing the third straight monthly increase in rent prices. They point out that April’s increase was less than the typical April price change seen in the pre-pandemic years. In addition, year-over-year rent growth is continuing to decelerate, and now stands at 1.7%, its lowest level since March 2021. Year-over-year growth is now below the average rate from 2018 to 2019 (2.8%), and it is likely to decline even further in the months ahead. Indeed…
“…even if demand rebounds over the summer, a strong construction pipeline should temper rent growth for the remainder of the year. Prices may not fall further, but they are also unlikely to increase significantly”
Click here to read the full report at Apartment List.
