How quickly might a situation change? Definitely within the span of a few years in the apartment sector where prices went up as vacancies shrank. And now they've gone down or stabilized as a new supply of apartments has caused rents to decrease and in some submarkets the situation has even worsened over the past year, according to RealPage.
Overall, annual effective asking rent change has flattened throughout the country, leading to modest growth of just 0.3% in the year ending last month. In contrast, rent growth experienced a double digit increase of 10.6% only a year ago.
And this has happened not just in isolated cases but among every single urban core submarket in the country's largest 50 apartment markets where pricing power has eroded in the past year.
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