You know the accordion fold: front and back with some strips leaning one way and others the opposite. That's what multifamily rents are doing right now: up month over month, down year over year, with the assumption that the longer decent will win out over short-term optimism.
Apartment List's rent report for March starts with a national view in which their indexed metric for rent dropped 0.5% from February to March. That is the second month-over-month increase and is higher than the February-over-January one.
"This month's increase is of a similar magnitude to the typical March price change that we saw in pre-pandemic years," the report said. "After 2022 closed out with record-setting price declines, it appears that rental demand is rebounding in line with the usual seasonal trend."
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