The apartment market is expected to cool now that summer's activity is past, MRI Real Estate Software's latest report suggests, similar to what happened in 2019, before the pandemic emerged. Fall is generally a slower time for the country's multifamily market and based on some key indicators on a year-to-date basis, it finds much in common with pre-pandemic trends. 

When it comes to lease and renewal pricing, rental rates hit a season's peak in August with a dollar increase from July, a sign it was the top of the market for the year. But that August value also was a less than 1% increase (65 basis points) over the prior year. The report concludes that the multifamily market is therefore moving closer to pre-pandemic seasonal patterns with rent growth stalling.

Another new development: lease averages now include concessions with the dollar value at double pre-pandemic rates. As rental rates spiked, concession values increased in sync. Prior to the pandemic, it was common for renewal prices to exceed lease prices but since the pandemic, renewal rates have lagged new lease rates. This past August, these two rates were close, just 1% apart. The report predicts these values will remain in relative lockstep through year-end as new lease prices soften and renewals hold.