In August, multifamily rents recorded negative rent growth of of -1.2%. This negative trend can largely be attributed to the influx of new units entering the market, intensifying competition among properties. As a result, the proportion of properties offering concessions has surged to over 35%. Nevertheless, forecasts indicate that as tenant demand remains strong and the pace of new units entering the market begins to moderate, rent growth is expected to rebound to positive territory by the end of 2024.

August 12, 2024

Source: CoStar Group