Chart Of The Week – July 9th 2023
We are excited to share with you the Chart of the Week!
First half net effective rent cooled from last year, as the average property nationwide has posted a two percent rent increase thus far in 2023. 2021 was historically strong and 2020 was significantly weak as the immediate impacts of COVID-19 hit first half rent growth, but even when removing those two years as outliers, 2023 remains the weakest year for first half rent growth in more than 5 years. The deceleration in rents as well as the decline in occupancy has resulted in 0% nationwide revenue per available unit growth on a year-to-date basis.
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