By Linda Moss
CoStar News
Summary: U.S. apartment rent growth stalled in July, with more than half of the 50 largest multifamily markets seeing month-to-month declines. The national average rent held steady at $1,717, marking the sixth straight month of flat or negative growth, while annual growth slowed to 1.1% from 1.5% in January.The slowdown is driven by higher supply and softening seasonal demand, which typically peaks in summer. Regionally, the Midwest and Northeast led with modest gains, while the South and West posted declines, especially in markets facing heavy new construction.San Francisco, Chicago, and San Jose topped annual growth, while Austin, Denver, and Phoenix led in annual declines. This reflects a growing divide between Midwest/coastal markets that remain resilient and Sun Belt markets where supply is outpacing demand.
Read the full article here!