Apartment prospect traffic and applications dropped in July following the recent surge in pricing, according to the latest Market Insights report from MRI Software, a property management software for the industry.
"The resulting increase in vacancies has, in turn, eased upward pressure on pricing," the company said. "Although the average price of a new 12-month lease declined between June and July (from $1,830 to $1,818/month), pricing is still well above the $1,744 average from January through May and represents a 20% increase from July 2021."
March represents the top-performing month for apartment operators, according to the report, and traffic uncharacteristically diverged in the summer months.
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