...And rent growth has fallen significantly, hitting 1.5% nationally for the year ended June 2023. While that’s well below the 4.3% annual average growth from 2012 to 2022 and lower than the longer-term 2.9% average from 2000 through 2022, according to RealPage Analytics, we expect the decline to be temporary. But we also believe rent growth will still fall a bit more this year. Origin Multilytics℠, our proprietary suite of machine-learning models, predicted that YOY Class A apartment rent growth nationally may fall to -2% by January 2024. If so, that will be the fourth-largest annual rent growth decline in U.S. history.
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