Apartments.com Publishes October 2023 Multifamily Rent Report
07 Noviembre 2023 - 3:05PM
Business Wire
Today, Apartments.com – a CoStar Group online marketplace –
released an in-depth report of multifamily rent trends for October
2023. On a month-over-month basis, rents rose in six of the top 50
largest markets in October.
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the full release here:
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U.S. Apartment Rent Growth (Graphic:
Business Wire)
“For the third consecutive month, rents have fallen nationally,
illustrating the growing impact of supply outstripping demand over
the last eight quarters,” said Jay Lybik, National Director of
Multifamily Analytics at CoStar Group. “All regions saw rents
fall in October, but markets in the West and South experienced the
steepest losses.”
NATIONAL RENT GROWTH OVERVIEW In October 2023,
multifamily rents fell by 0.4% over the previous month, compared to
a 0.5% decline in September. On a year-over-year basis, rents grew
by 0.7% in October, illustrating the continued slowing trend seen
over the past year.
WESTERN, SOUTHERN REGIONS EXPERIENCE GREATEST LOSSES
Regionally, markets in the West and South experienced the steepest
losses in October, with rents falling by 0.6% and 0.5%
respectively. However, all regions saw rents fall. Year-over-year,
Northeast rents grew by 2.5% in October and Midwest rents grew by
2.6%. For the same period, rents fell in the South by 0.2% and held
steady in the West.
RALEIGH, AUSTIN AND SAN JOSE POST SHARPEST RENT DECLINES
Looking at the month-over-month figures, rents fell in all but six
of the top 50 markets in October, with the sharpest declines seen
in Raleigh at negative 1.3%, Austin at negative 1.1% and San Jose
at negative 1.1%. Over the same period, Louisville saw rents
increase by 0.3% and Las Vegas, Cleveland and Cincinnati
experienced 0.1% rent increases. Rent growth remained flat in
Northern New Jersey.
ANNUAL APARTMENT RENT GROWTH Annual rent growth in
October held positive in more than half of the top 50 markets. On
the reverse, many markets across the South saw rents fall,
including Austin at negative 4.8% year over year, Atlanta at
negative 3.2% and Orlando at negative 3.1%.
About CoStar Group CoStar Group (NASDAQ: CSGP) is a
leading provider of online real estate marketplaces, information,
and analytics in the property markets. Founded in 1987, CoStar
Group conducts expansive, ongoing research to produce and maintain
the largest and most comprehensive database of real estate
information. CoStar is the global leader in commercial real estate
information, analytics, and news, enabling clients to analyze,
interpret and gain unmatched insight on property values, market
conditions and availabilities. Apartments.com is the leading online
marketplace for renters seeking great apartment homes, providing
property managers and owners a proven platform for marketing their
properties. LoopNet is the most heavily trafficked online
commercial real estate marketplace with over twelve million monthly
global unique visitors. STR provides premium data benchmarking,
analytics, and marketplace insights for the global hospitality
industry. Ten-X offers a leading platform for conducting commercial
real estate online auctions and negotiated bids. Homes.com is the
fastest growing online residential marketplace that connects
agents, buyers, and sellers. BureauxLocaux is one of the largest
specialized property portals for buying and leasing commercial real
estate in France. Business Immo is France’s leading commercial real
estate news service. Thomas Daily is Germany’s largest online data
pool in the real estate industry. Belbex is the premier source of
commercial space available to let and for sale in Spain. CoStar
Group’s websites attract nearly 100 million unique monthly
visitors. Headquartered in Washington, DC, CoStar Group maintains
offices throughout the U.S., Europe, Canada, and Asia. From time to
time, we plan to utilize our corporate website, CoStarGroup.com, as
a channel of distribution for material company information. For
more information, visit CoStarGroup.com.
About Apartments.com Apartments.com is the leading online
apartment listing website, offering renters access to information
on more than 1,000,000 available units for rent. Powered by CoStar,
the Apartments.com Network of sites includes Apartments.com,
ApartmentFinder.com, ApartmentHomeLiving.com, Apartamentos.com,
WestsideRentals.com, ForRent.com, ForRentUniversity.com,
After55.com and CorporateHousing.com.
Apartments.com is supported by the industry's largest
professional research team, which has visited and photographed over
500,000 properties nationwide. The team makes over one million
calls each month to apartment owners and property managers,
collecting and verifying current availabilities, rental rates, pet
policies, fees, leasing incentives, concessions, and more.
Apartments.com offers more rental listings than any other
apartments website, and innovative features including a drawing
tool that allows users to define their own search areas on a map,
and a "Travel Time" feature that lets users search for rentals in
proximity to a specific address. Apartments.com creates easy access
to its listings through a responsive website and iOS and Android
apps and provides unmatched exposure for its advertisers through an
intuitive name, strategic search engine placements and innovative
emerging media.
The Apartments.com Network reaches millions of renters
nationwide, driving both qualified traffic and highly engaged
renters to leasing offices.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231107523377/en/
News Media Matthew Blocher CoStar Group (202) 346-6775
mblocher@costargroup.com
CoStar (NASDAQ:CSGP)
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