Multifamily’s average asking rent for May rose $7 to $1,716, up $18 or 1% since January of this year, while year over year growth decelerated by 2.6%, down 70 basis points from the prior month and the lowest level in more than a year, according to Yardi Matrix. 

It attributes the slowdown in rent increases to a number of metros having negative YOY growth in May: Las Vegas was down 2.8%, Phoenix 2.6%, Austin 1%, Seattle .9%, San Francisco, Atlanta and Sacramento all 0.4% and Orange County, Calif., 2%.


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