Apartment rent growth starting to slow; occupancy starting to be affected
A recent Axiometrics article addressing the 3rd Quarter 2016 apartment markets for major metro areas noted a perceptive slowing of rent increases in many of the 25 major metro areas. The top three highest rent markets, San Francisco, New York and San Jose, actually saw declines in rent during the third quarter.
Locally, both Dallas and Fort Worth markets continue to occupy spots on the top 25 annual effective rent growth and quarterly effective rent growth charts, but Dallas is at the bottom of the top 25 market for occupancy. Both Dallas and Fort Worth saw slight declines in occupancy for 3rd Quarter 2016.
Has new apartment construction met it’s match with rent and occupancy? Time will tell…
