Apartment rents declined in October with the national average falling to $1,708, a 0.3% dip from September’s revised figure of $1,713, according to data from Apartments.com, a division of CoStar Group (NASDAQ: CSGP).
The new data marks the fourth consecutive month of flat or negative monthly rent change and the steepest October decline in over 15 years. Apartments.com noted that three of the five steepest monthly rent reductions over the past 15 years have occurred within the last three months.
On an annual measurement, rent growth slowed to 0.8%, down from 0.9% in August and 1.5% at the start of the year. All regions posted month-over-month rent declines in October while only the West recorded a year-over-year annual decline.
Metro-level performance softened across the nation, with only Las Vegas and Milwaukee posting monthly rent gains of 0.2% while rents in Miami and Norfolk were unchanged.
Where do they get these stats from? Try to rent in Boston or Cape Cod and tell us how you make out. A recent post stated that for every rental in Boston there are 23 applicants for each one. That will not bring rents down anytime soon at least in Boston.