Rents in October fell by $3, according to Yardi Matrix, marking the second consecutive month of downward data. The Northeast and Midwest showed modest growth, but it was offset by declines in the Sun Belt and West.
The average U.S. asking rent fell $3 to $1,718 in October, while year-over-year growth fell to 0.4%, down 40 basis points from September.
Meanwhile, US average single-family rents declined by $2 to $2,121 and year-over-year growth dropped 30 basis points to 1%, but demand is holding steady and occupancy rates remain firm.
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