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Chart Of The Week – January 8th 2024

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Chart Of The Week – January 8th 2024

Picture of Chris Nebenzahl

Chris Nebenzahl

Chart of the Week – January 8th 2024

Year-over-Year Net Effective Rent Growth as of Jan. 1

Rent growth has been on a volatile ride over the past five years, as minor declines and growth preceded the extreme swings during and after COVID. While 2024 was the first year rents fell nationally since 2020, the drop was modest. Overall, rents have increased 15% over the past 6 years or 2.4% on a compound annual growth basis. Despite the volatility, rent growth has returned to its long term average range. Rents will likely fall again in 2024 with new supply weighing on performance, however strong growth is likely to return in future years. As we have seen throughout cycles, rents almost always revert to their mean in the long run.

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Picture of Chris Nebenzahl
Chris Nebenzahl
Chris Nebenzahl is the Director of Economic Research at Radix, where he oversees all macroeconomic and multifamily market analysis. Chris has 15 years of multifamily experience in data analytics, research, asset management and acquisitions. Prior to his time in the multifamily industry Chris was a portfolio manager at Bank of New York, focusing in the government and commercial fixed income sectors.
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