RICHARDSON, TX—Although lower in velocity than the apartmentsector saw a few years ago, rent growth is continuing across theboard, RealPage Inc. said Wednesday. However, occupancy has slippedfractionally and the balance of 2017 poses a question mark aroundthis metric.
Effective rents for new leases climbed 0.9% in the third quarterand 2.6% year over year, according to data from RealPage andAxiometrics. Annual rent growth has maintained a rate between 2.5%and 3% thus far this year, slowed considerably by an influx of newproduct. In contrast, annual growth of 5% or better was notuncommon in 2015.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
