Well, the apartment market is still on a tear. From Multifamily Executive‘s reporting on Axiometric’s report:
August tallied an effective rent growth rate of 5.1%, which was the seventh straight month that rent increases came in above 5%. That growth rate was an eight basis-point decline from July, but well above the August 2014 mark of 4.1%.
The year-to-date growth rate hit 5.7% in August, which was the highest mark since the recession. Axiometrics cautions that this number could decline in coming months since it fell in September and October of previous post-recession years.
Helping push rents was occupancy, which hit 95.4% in August. That was the highest rate since at least April 2008 and the sixth straight month the rate was 95.0% or higher.
“As apartment occupancy continues to increase, landlords don’t need to offer as many incentives to fill their vacant units,” said Stephanie McCleskey, Axiometrics’ vice president of research in a press release. “The national concessions rate the past two months has been the lowest since the Great Recession. August’s 0.5% rate was the equivalent of $5.80 per month discount.”