Chart Of The Week – July 9th 2023

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.