Apartment rents in the US declined in July for the first time since the pandemic began
The average apartment rent price just saw its first annual decline since the pandemic started, according to data fromThanks to slowing demand and increasing supply, prices have eased across the US compared to the same time last year, with 67 of largest 100 US cities seeing lower prices on an annualized basis. Despite July being a peak moving season where rent growth typically accelerates, apartment rent prices are down 0.7% year-over-year.
On a monthly basis, rents are still ticking up, rising 0.3% nationally, but researchers pointed out that the rental market slowdown is finally being reflected in inflation figures. In recent months, Apartment List's National Rent Index has shown to be a strong leading indicator of the housing and rent components of CPI data. The index has been cooling for a year, which points to a coming slowdown for government data, the researchers said.
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