How hot is the apartment market? It took only seven months for the average asking rent to hit $1,600 from $1,500, and only 10 months to reach $1,500 from $1,400.
January is normally a seasonally weak month for rents, but multifamily asking rents bucked the deceleration trend, rising $8 during the month to an all-time high of $1,604.
An $8 monthly increase pales in light of the $22 average monthly gains between March and October 2021, but January's strong seasonal performance is a sign that the sector's fundamental drivers have not been exhausted.
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