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Chart of The Week: Top 10 Markets 3-Year NER Growth | 01/29/24

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Chart of The Week: Top 10 Markets 3-Year NER Growth | 01/29/24

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Chris Nebenzahl

Chart of the Week – January 29th 2024

Most of the apartment narrative has focused on declining rents and occupancy over the past 18 months, and for good reason. Since the peak in mid-2022 rent growth has softened significantly and fallen negative in most markets. Some markets in the Southeast and Southwest have seen rents fall by 5% or more on an annual basis.

However, long term context is key, and our industry experienced a meteoric rise over the past three years. Even accounting for the recent declines, most markets have still seen major rent growth on a compound annual growth basis. The top 10 markets are mostly secondary and tertiary markets in the sunbelt, but major markets like Chicago and Miami also cracked the top 10 for our three year rankings. Despite the recent headlines and performance, multifamily has come a long way from 2020.

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