Multifamily Rent Growth Ends 2023 on a Falling Note

As 2024 came to a close, rents had dropped for five months in a row, dipping a total of 0.7% in 2023. The national median rent in December fell 0.8% to $1,379. One reason for this: More inventory. “When supply goes up with steady demand, prices should go down,” according to the article. “But because building patterns have followed shifts in national demographics and population movement, some metros will feel the effect more than others.”

Source: https://www.orionprop.com/topfive/multifamily-rent-growth-ends-2023-on-a-falling-note/