January 10, 2018
U.S. apartment rents climbed at a moderate pace of 2.5% in 2017, according to research company RealPage Inc. The average monthly apartment rent stood at $1,330 as of December 2017, and the research shows that price spikes that were so common in 2014-2015 have all but disappeared.
Two years ago, more than a dozen metros registered rent jumps topping 6%, with the pace of increase reaching as high as 12% in locations such as Portland, OR. Rents in Portland climbed 1.9% in 2017.
“While the apartment rent growth pace has slowed from the performance seen a couple of years ago, it’s the longevity of the current cycle that’s so impressive,” said RealPage’s Greg Willett. “Rents have climbed substantially for eight consecutive years.”
National apartment occupancy was 95.1% at the end of Q4 2017, which was unchanged from the end of 2016.
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