Chart of The Week – November 27th 2023
Chart of the Week – November 27th 2023
Top 5 and Bottom 5 Markets – Annual Rent Growth
This week we examine the top and bottom performing markets on a net effective rent basis. We have talked a lot about the markets that are both outperforming and underperforming in the previous charts of the week and rent and operating trends report, yet a key distinction that continues to hold true is the severity of the declines in the worst performing markets compared to the modest gains in the best performing markets. While Tucson rents are growing at a 5% rate over the past year, no other market tops 3%. Meanwhile, all of the bottom 5 performing markets have seen rents fall by 5% or more in the past year, and 13 markets have seen rents fall by at least 3%. The negative skew is driving the national declines and the underperformance in most regions of the country.
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