As the new year sets in and rents in many markets seem to have been trending down, the multifamily sector has been wondering where will rents — and with them, future net operating incomes and also property valuations — will go.
It's been confusing, with headlines promising some gloom, whether September's news that apartment rents were seeing their first decline in a couple of years, rents having grown faster in low-coast cities, and, just this month, speculation on how far rents would fall in 2023.
Now for a different take. Markerr expects general rent growth this coming year, with a "forecast across the top 100 markets points to a 4.2% YoY increase in '23. Although this is a deceleration relative to the crazy-large increases seen in recent years, it is still above the long-term average rent growth of 3.8%."
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