If you've been dismayed by this year's apartment rent growth trajectory, brace yourself for 2024. Next year, multifamily rent growth will clock in at 0.8%, according to a new forecast by Markerr, compared to this year's relatively robust 4%.
The 2024 prediction marks the lowest rent growth since 2020, or shortly after the pandemic began.
But because markets reflect regional differences, a closer look at different areas is important. For example, in 2023, Sunbelt and Tertiary markets are expected to outperform the top100 average, while Coastal and Rustbelt areas will underperform the same group. But within a year, the Rustbelt and Tertiary markets are expected to outperform the top 100 average.
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