SANTA BARBARA, CA—Continuing a trend of deceleration seen in multifamily over the past several months, US monthly rents were flat in September, remaining at $1,354, according to Yardi Matrix's monthly survey of 121 markets. Rents were up 2.2% year-over-year nationwide in September, representing a 10-basis-point decline from August and the slowest pace of annual growth since April 2011.

Year to date through Sept. 30, rents have grown 2.6%. Although the pace of growth represents “a solid increase,” it falls short of the sector's “stellar performance” in recent years, according to the Yardi Matrix report.

In comparison, rents rose 3.4% through the first three quarters in 2016, 4.9% in 2015, 4.0% in 2014 and 3.1% in 2013. “Rent growth tends to slow down in the fourth quarter, when fewer people move, so if things hold to form, gains for the year could be already baked in,” the report states.