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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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.
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.