Apartment Rent Growth, Vacancy Rates Steady in June
The latest Apartment List report shows slower growth than last year, but faster than years preceding pandemic.
The rent rise in June was a consistent 1.3 percent, according to the July 2022 Apartment List National Rent Report issued this week.
It matched last month’s increase as the report indicated 2022’s rent-growth pace remains slower compared to last year, but faster than they did in the years immediately preceding the pandemic.
Rents are up 5.4 percent through the first half of the year compared to an increase of 8.8 percent over that time in 2021.
“Year-over-year rent growth currently stands at a staggering 14.1 percent, but has been trending down from a peak of 17.8 percent at the start of the year,” according to the report.
“Rents increased this month in 97 of the nation’s 100 largest cities. New York City has seen the nation’s fastest city-level rent growth over the past year, while some of the hottest Sun Belt markets are finally showing signs of plateauing growth.”
The vacancy index now stands at 5 percent, up from a low of 4.1 percent, but remains well below the pre-pandemic norm. The report said after seven consecutive months of increases, it appears to have flattened.
Yardi Matrix issued its May rent numbers this week, showing rents rose by $19 increase nationally to an all-time high of $1,680 and year-over-year rent growth slowed a touch to 13.9%.