The pace of apartment rent growth in the US West has been lagging the rest of the nation since the pandemic. At the same time, the South, Midwest and Northeast have seen effective rent growth rise faster than the national norm, according to RealPage. Now the expected has happened: average effective rents in the West region are now running below that of the Northeast for the first time since mid-2015.

Typically, the rents in the West region are ahead of the Northeast, South and Midwest in that order. But over the last four years, rents in the West have climbed from an average rate of $1,831 in February 2020 to $2,204 in February 2024 – an increase of about 20%, RealPage says. Meanwhile, rents in the South, Midwest and Northeast have climbed approximately 29% since February 2020 and nationwide, apartment rents have climbed 25.5% in the four-year period since February 2020 to stand at an average rate of $1,806 as of February 2024.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Erika Morphy

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.