The multifamily housing market turned in a lackluster performance in 2017 as demand failed to keep pace with a deluge of new apartment supply, according to a new report to be released Wednesday. U.S. apartment rents climbed 2.5% in 2017, according to RealPage Inc., a real estate technology and data firm. That was in line with historical averages but down significantly from the 5.2% posted in 2015, the most recent peak. Rents...
A growing supply of new multifamily homes in the US has been associated with a slowing of rent increases . Construction of new apartments totaled around 400,000 units in 2017 , leading landlords to limit construction and offer other options to tenants . As a result , average rents for apartments rose 2.5 % in 2017 , well below the peak of 5.2 % recorded in 2016 . At that time , more than a dozen urban areas recorded rises of above 5 % , with some as high as 12 % . By the end of 2017 , only Sacramento had an increase of more than 6 % .