Apt. Rents See Negative Growth in October

Houston rent growth turned positive in October, for the first time since July 2016.

SANTA BARBARA, CA—US multifamily rents declined an average of $4 in October to $1,358 per month, according to Yardi Matrix’s latest monthly survey of 121 markets. Year-over-year rent growth continued to decelerate, with October’s 2.3% nationwide improvement off 30 basis points from September’s annual increase, and trailing three-month growth turned negative. That being the case, there were some clear winners among individual markets, including Houston in the aftermath of Hurricane Harvey.

Additionally, the Yardi Matrix report notes that October’s drop on a national level isn’t surprising, coming at the start of the traditionally slow fourth quarter. And nationally, rents are down just $5 per month from their all-time peak set this past August, and are $30 above the year-ago level.