While January had the smallest increase in rent since May 2021 according to various analysts, in a new report CoStar points out some upbeat news for the month: it was the first time since September that month over month rent data showed positive growth, with Midwestern markets Indianapolis and Cincinnati emerging as top leaders.
"While snapping the five-month negative rent growth streak is a positive start to the new year, it remains to be seen whether or not demand has truly accelerated," Jay Lybik, National Director of Multifamily Analytics at CoStar Group, says in prepared remarks.
"If the positive rent growth trend persists, year over year data may finally change its course, signaling supply and demand are closer to regaining equilibrium," he adds.
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