Softening fundamentals in the U.S. apartment market resulted in effective asking rents falling 0.3% in 3rd quarter. This was the first time rents have been cut between July and September since 2009, at the end of the Great Financial Crisis. In the year-ending 3rd quarter, rents were down a mild 0.1%.
Nearly 22% of apartments were offering concessions as of 3rd quarter, and the average concession was 6.2%. As operators focus on filling units in the coming months, concession utilization could become even more prevalent, making true rent growth harder to realize until discounts burn off.
Source: RealPage
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