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Chart of The Week – November 20th 2023

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Chart of The Week – November 20th 2023

Picture of Chris Nebenzahl

Chris Nebenzahl

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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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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