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While rent spreads on new apartment leases were negative 0.6% in March on a year-over-year basis and negative 0.8% on a 12-month basis, conditions are improving, according to the BTIG Monthly Apartment REIT Report. In September 2020, rent spreads on new apartment leases hit a low with a 1.3% year-over-year drop.

BTIG expects rent trends to accelerate as people return to their offices. It anticipates demand picking up in the summer before expected office and university reopenings in September.

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