Rent Growth

These 10 Sun Belt markets are struggling with the greatest year-over-year drops in asking rent in the country. This decline in the first quarter of 2024 is thanks to a mismatch between supply and demand.

Rent growth continues to decelerate on both a monthly and annual basis, with only one region of the country seeing a slight uptick compared to January.

The multifamily industry saw a slight uptick in rent growth in January 2024. The Midwest and Northeast have driven the greatest increases in asking rent, while the South continues to lag behind with declining rents.

The multifamily sector closed the year with a few positive signs amid tough market conditions. Despite the flood of excess supply, absorption ticked upwards in late 2023, rising by 122 percent.

The latest rent data from CoStar reveals a slowdown in rent growth across the nation, with a small number of local markets pulling ahead.

The market shows positive signs for apartment owners and operators facing tough conditions. But a closer look reveals different outlooks for the middle and top end of the market.

After the last few years of rocketing growth and dramatic declines, is the turbulence in the multifamily market starting to slow? With rent growth normalizing and a flattening trajectory for vacancy rates, a period of stabilization may be ahead.

In a challenging market for multifamily operators, these markets are the top 10 winners and losers for rent growth, according to the latest CoStar data.