Rental growth for apartments is expected to slow to just more than 2% this year, according to CBRE, falling to its lowest level since 2010. This much is well known, but CBRE also points to a less-examined facet of this trend, which is that the gap between the top markets – generally Midwest cities with little supply growth – and bottom markets – generally Southern cities with aggressive supply growth – is narrower than usual.
Other market observers have spotted this same development. Carl Whitaker, Senior Director of Research & Analysis, RealPage, tells GlobeSt.com that he has seen the gap between top-performing and bottom-performing markets tightening in recent months.
Top quartile markets are averaging about 6% growth overall while bottom-ranking markets are averaging cuts of roughly 4%, he said.
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