Apartment rent growth slowed during July with the national average holding at $1,717, unchanged from June.
According to data from Apartments.com, a marketplace of CoStar Group (NASDAQ: CSGP), July marked the sixth straight month of flat or negative monthly growth. Year-to-date, rent growth slowed from 1.5% in January to 1.1% in July.
On a regional measurement, the Midwest led all regions with a 0.06% month-over-month increase and 2.6% year-over-year growth. The Northeast followed with a 0.03% month-over-month and 2.2% year-over-year. In comparison, the South slipped -0.08% month-over-month but was still up 0.3% year-over-year, while the West declined -0.22% month-over-month and was down -1.1% year-over-year.
Among the major metros, San Francisco ended the month with the largest rent growth month-over-month at +0.43% while Las Vegas saw the largest rent decline month-over-month at -0.60%.
