In December, U.S. average asking rent continued to decline, with the weakest rent performance since 2010. However, the multifamily market saw healthy absorption rates and sustained demand due to strong job market and household formation. The Northeast and Midwest regions experienced the highest rent growth, while Austin had the weakest performance. Rent declined across various property segments, and renewal rent growth softened.
Your Key Takeaways
-U.S. average asking rent declined for the fifth consecutive month in December.
-The multifamily market had healthy absorption rates and sustained demand due to strong job market and household formation.
-Northeast and Midwest regions experienced the highest rent growth, while Austin had the weakest performance.
-Rent declined in both Renter-by-Necessity and upscale Lifestyle segments.
-Renewal rent growth softened, with Las Vegas leading in renewal rent growth despite negative asking rent growth.