RealPage took a recent look at the two once strong markets of Florida and Atlanta and compared their year-over-year effective asking rent growth as of August 2023 and year-over-year inventory growth for the year. Here is what it found, namely lots of new inventory and not enough apartment takers so downward pressure on rents has emerged. But this trend is not yet happening in all other markets. 

Florida ranked for this study at the end of the second quarter as the third-fastest growing area at 3%, following the Carolinas at 3.6%, the Mountains/Dessert at 3.2% and ahead of the Southeast at 2.6%. But all those new apartments mean pressure on rent growth, which was down in August by 0.7% for Florida, versus -0.5% for the Carolinas, -2.1% in the Mountains/Desert and the Southeast at -0.2%. 

Other regions in this survey saw other downturns but also some upturns with the Midwest and East Coast notable for their positive rent change Y-o-Y at 3.1% and 2.5%, respectively. Others in the survey included Texas, which had Y-o-Y net inventory growth at 2.3% and rent change at minus -0.3%; the Midwest at net inventory of 1.4%, the East Coast at net inventory growth at 1.2% and finally the West Coast at net inventory growth at 1.1% and rent change at minus 0.8%.