Dec
16

Apartment Rent Growth Highest in Three Years

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up trend arrowAnnual effective apartment rent growth reached 4.7 percent in November, the strongest of 2014 to date and the highest since August 2011, reported Axiometrics, Dallas.
The figure represents the seventh-highest rent growth since Axiometrics started reporting monthly in April 2008.

“The rate of increase bucks usual fourth-quarter trends, when rent growth either decreases or increases only slightly, confirming the strength of the apartment market in 2014,” said Axiometrics Senior Vice President Jay Denton.Denton said annual effective rent growth between October and November decreased from 3.0 percent to 2.7 percent in 2013.

November’s year-to-date effective rent growth of 5.0 percent keeps 2014 as the apartment market’s strongest post-Great Recession year.

Though the national occupancy rate continued its typical seasonal decline in November, it remained nearly 95 percent–the highest recorded in any November since Axiometrics began reporting monthly in 2008. Occupancy has now exceeded 94.0 percent for 31 straight months.

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