Though occupancy held up, U.S. apartment rents continued to decline in November as the divergence in performance widened among individual local markets according to RealPage, Inc. Las Vegas experienced solid rent growth with 3.9 percent growth, the ninth highest year-over-year growth of the top 150 markets in the U.S.
In the year-ending November, effective asking rents fell 1.1%, a slight improvement over October’s decline of 1.3%. Performance across the nation’s 150 largest apartment markets continues to split, with the nation’s poorest performances found in large gateway markets while markets that have seen limited new construction in recent years maintain relative strength. San Francisco reached a new low of 20% annual effective rent cuts in November, closely followed by New York (-17.7%), San Jose (-15.2), Boston (-8.6) and Los Angeles (-5.9).
However, more markets are raising rents than not, as growth registered in 115 of the 150 largest metros in November. The overall U.S. rent performance was dragged down by severe cuts in the nation’s biggest metros.
Read more about RealPage’s November’s national rent trends and occupancy here.