Yardi Matrix has revised downward its apartment rent forecast for 2023 to 3.1% from 3.5% and expects to see all that growth in the first two to three quarters of the year, according to Andrew Semmes, senior research analyst.
However, Semmes said that he's not at the point where he expects nonseasonal broad-based rent declines.
"Rents did fall month-over-month in November, and likely will again in December, but that is not unusual; month-over-month asking rents fell in November 2011, 2016, and 2019, and the magnitude of the decrease this year (two-tenths of a percent) is also not out of the ordinary," Semmes said in prepared remarks.
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