Apartment Rents to Remain Flat for the Rest of the Year

The apartment market is expected to cool now that summer’s activity is past, MRI Real Estate Software’s latest report suggests, similar to what happened in 2019, before the pandemic emerged. Fall is generally a slower time for the country’s multifamily market and based on some key indicators on a year-to-date basis, it finds much in common with pre-pandemic trends. 

When it comes to lease and renewal pricing, rental rates hit a season’s peak in August with a dollar increase from July, a sign it was the top of the market for the year. But that August value also was a less than 1% increase (65 basis points) over the prior year. The report concludes that the multifamily market is therefore moving closer to pre-pandemic seasonal patterns with rent growth stalling.