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How Concessions are Eroding Multifamily Rents

Rents are still historically at a high, but the numbers being reported don’t tell the whole story. The median asking rent in the U.S. in August was $2,052, but that varies based on geography and doesn’t reveal the highs and lows or the concessions. As a wave of apartments comes online, tenant incentives such as one to three months of free rent are becoming far more prevalent in the marketplace, but they’re not being reflected in the reports. And Sun Belt cities such as Phoenix are seeing stalled growth in rents due to the adage “the bigger they are, the harder they fall.” The increases were steep as the population swelled, but the median asking rent in the West is down 1.1 percent year-over-year.



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