Rent Growth Normalized Month to Month in August

September 28, 2022

Article by:  Mary Salmonsen

• While apartment rents are still rising, they are doing so at a much more moderate rate now than in 2021 and early 2022, according to Jay Parsons, vice president, head of economics and industry principles at RealPage, in a report.
• Same-store asking rents for new leases rose by 0.4% between July and August 2022, according to data from RealPage Market Analytics. While this stands far below the 1.9% rent spike in August 2021, rent growth tends to drop off in the summer, Parsons said.
• At the same time, effective asking rents grew 10.5% year over year, down from a peak of 15.7% YOY in February.

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