Effective rent growth in the U.S. apartment market increased again in July, and occupancy rates remained steady, according to data from research firm Axiometrics Inc.
In fact, annualized effective rent growth was 3.8 percent in July, marking a trend this year.
“Effective rent growth has increased for five straight months, but is still a long way from the summer of 2011, when the rate was in the 5 percent range,” Stephanie McCleskey, Axiometrics vice president of research, said in a statement. “On the other hand, it’s becoming more and more likely that 2014 will be the strongest overall year for the apartment market since the recession ended. This is the year of the apartment.”
Average effective rent in July was $1,163.10 per month, up $7.40 from June’s figure.