RealPage's rent growth monitoring shows the first quarter of 2024 to be well off the norm. U.S. effective asking rents — rents after concessions and costs to secure a lease — fell 0.1% from the last quarter of 2023.

The pre-pandemic norm was a 0.6% increase in a year's first quarter, according to the firm's data for the period from 2010 to 2019. "The pandemic triggered a time when seasonal trends disappeared, as rents surged," they wrote. "More recently, however, we've seen a return to a more normal cadence."

According to RealPage, the change is due to unit deliveries as the firm has previously documented. Last year saw record-breaking levels of multifamily delivery. This year is supposed to see volumes 50% over those.

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