Apartment rent growth has been somewhat slower than expected through the first half of 2024 despite strong demand.
According to RealPage's Q2 2024 apartment forecast, about half of the top 50 U.S. markets should see annual rent growth between 2% and 3% this year, while about a quarter of markets will have growth between 1% and 2%. Of the total markets, 18% are expected to have rent growth below 1% and in a few areas, rent isn't expected to grow at all, the report found.
Notably, only Atlanta and Jacksonville are expected to experience rent cuts of 1% or more, said RealPage.
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