The latest Yardi Matrix is reporting that the average U.S. monthly rent dropped $4 in December to $1,210 – marking the 4th consecutive month of decline (albeit a whopping total of $10). However, on a year-over-year basis, rents grew 4% nationwide and Yardi suggests that rents are in a period of deceleration after growing at high levels for the previous two years.
“As we have stressed in recent months, fundamentals remain sound and deceleration is not alarming, given that gains remain well above the long-term 2.3% average. The current level of growth is on par with our forecast for 3.9% increases in 2017. Clearly, this year remains difficult to predict, what with the prospect of major changes in taxes, tariffs, regulatory policy and foreign policy.”
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