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Analysis

Multifamily Rent Growth Trailing Seasonal Norms

Only a handful of metros showed rent growth with historical norms.

RealPage’s rent growth monitoring shows the first quarter of 2024 to be well off the norm. U.S. effective asking rents — rents after concessions and costs to secure a lease — fell 0.1% from the last quarter of 2023.

The pre-pandemic norm was a 0.6% increase in a year’s first quarter, according to the firm’s data for the period from 2010 to 2019. “The pandemic triggered a time when seasonal trends disappeared, as rents surged,” they wrote. “More recently, however, we’ve seen a return to a more normal cadence.”

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Erik Sherman

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