From a national perspective, for the first time since 2020, as many as a dozen apartment markets saw absolute asking rents decline in a month, according to Apartments.com's July 2022 Rent Growth report.
Five other markets saw no changes in rent – during a time that some say is seasonally strong for apartments.
"The deteriorating rent situation highlights a significant collapse of demand in the sector when new unit deliveries are projected to hit 230,000 in the second half of 2022," Jay Lybik, National Director of Multifamily Analytics, CoStar Group, said in prepared remarks.
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