Apartment demand has proved more sluggish than anticipated, but the market generally is doing what was expected, Greg Willett, First Vice President, National Director IPA Research, Institutional Property Advisors, tells GlobeSt.com.
Third quarter data from Apartments.com, a CoStar company, reported that after four quarters of supply additions outpacing demand, the market is shifting, with national asking rents declining over the last 90 days by 0.4%.
"All signs point to rent growth slowing even faster than initially projected by the end of the year," Jay Lybik, national director of multifamily analytics, CoStar Group, said in prepared remarks.
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