Another month for multifamily, another drop in rental rates, according to Apartment List's newest rent report, which looks back at what happened in January.
"The rental market kicked off the new year with a sixth straight month of negative rent growth, as the nationwide median rent fell by 0.3 percent to $1,373.1 The recent declines are in line with the rental market's typical seasonal pattern, as fewer renters are looking to move in the fall and winter, although this year's dip has been a bit sharper and more prolonged than what we normally see."
This may seem in contrast with data from recent inflation reports from the government, where shelter remains a leading cause of CPI growth. However, shelter drags significantly behind other price activities, providing a rear-view-mirror view.
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