Earlier this week we posted the latest data from the Yardi Matrix showing that the average national apartment rental rate rose $6 in March, reaching another time high of $1,181.
In addition to Yardi’s numbers, Bloomberg has reported that as U.S. apartment vacancies rose in the first quarter (with a considerable number of new units hitting the market) the rate of rental increases actually slowed. Using data from Reis, Inc., they also said effective rents, rose 4.5% in the first quarter year-over-year, down from 5% growth at the end of 2015. The vacancy rate was 4.5% compared with 4.4% in the last quarter of 2015 and 4.2% one year ago.
“When you have more supply and demand pulling back, you’re going to have things reverse course,” Ryan Severino, senior economist at New York-based Reis, said in a phone interview.
Click here to read the full story on Bloomberg.com.
