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Job losses, combined with the expiration of unemployment benefits, may finally be taking its toll on the apartment market.

After multifamily held up reasonably well in Q2, national asking and effective rents declined at a record pace in the third quarter, falling by 1.8% and 1.9%, respectively, according to Moody’s Analytics REIS. That is the largest quarterly decline since 1999 when the company began publishing quarterly data. Before 2020, the most significant decrease occurred in Q4 2001—right after 9/11.

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