US apartment rents fall 0.15% in October to $1,749, CoStar report shows
XLRE•U.S. apartment rents fell 0.15% in October to $1,749, their second consecutive monthly decline, while annual rent growth rose to 1.6%. Rents fell month over month in 42 of the top 50 markets.
1. Monthly rents decline
U.S. apartment rents fell 0.15% in October to $1,749, marking a second consecutive monthly decline. Annual rent growth accelerated to 1.6% from 1.5% in September, despite continued pressure from elevated supply.
2. Markets diverge
Rents declined monthly in 42 of the top 50 markets; only Norfolk posted an increase. San Francisco led annual rent growth at 12.9%, while Las Vegas recorded the largest annual decline, at 1.9%.
3. Supply weighs on growth
A substantial but gradually easing inventory overhang continued to constrain national rent growth, while local supply conditions drove wide differences in performance.
