US apartment rents dip in August as annual growth hits 1.3%
The July national average was also revised higher, from an initial +0.03% month-over-month gain to +0.1%.
A sharp regional divide
Regional results diverged in August. The Pacific region was the only one to post a monthly gain, at +0.1%, while the Northeast fell -0.02%, the Midwest -0.03%, and both the South and Mountain regions declined -0.2%.
Year-over-year, the Pacific and Midwest tied at the top with +2.2% growth, the Northeast posted +2.0%, while the South slipped -0.1% and the Mountain region dropped -0.5%.
Metro-level breadth tightened. Only 12 of the top 50 markets recorded monthly rent increases in August, down from a wider pool in July, with seven flat and 31 in decline.
Narrowing monthly breadth has been a recurring theme across this summer’s leasing season. Orange County led monthly gains at +0.6%, followed by San Francisco at +0.4% and the East Bay at +0.3%. Orlando and Denver led declines at -0.7% each.
