US Multifamily Rent Growth Starts Year on an Upswing

For the first time since August 2022, sequential monthly apartment rents increased, with an average nationwide increase of $7 or .4%. While one month is just that and not a trend, it is a sign that the overall downward rent growth movement could be ending. The recent five-month streak of lower asking rents reflected the increasing supply in the multifamily sector, as the addition of thousands of new units outpaced demand by almost three to one, and vacancy jumped from 4.9% to 6.4% over the past four quarters.