Chart of the Week – November 20th 2023
Largest Q3 Net Effective Rent Declines
The third quarter tends to be a period of the year when rent growth levels off, however with ample supply coming online and demand waning in 2023, a number of markets posted significant rent declines in Q3. Austin leads all markets as rents fell more than 5% in the third quarter. Rent growth and supply are closely tied in this cycle, as the markets with the weakest rent performance also have the most supply as a percentage of their existing stock. As the national multifamily industry braces for a tough 2024, any additions to the construction pipeline will be worth monitoring as a leading indicator for apartment performance.
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