USA witneses declining apartment rents
Apartment rent growth in the United States has slowed nationwide over the past year, with the higher end of the market most affected,. After growing at a blistering pace for much of 2015, apartment rents across the county are growing at a slower pace thus far in 2016, according to the data from real estate firm Zillow.
On the whole, apartment rents nationwide grew by 3.6% for the year ending in April 2016, almost 2% points slower than the 5.4% pace reported for the year ending in April 2015. As per Aaron Terrazas, a senior economist at Zillow, the substantial investment in new construction, particularly at the high end of the market, has contributed to some of this pattern, although in some areas weak labour markets may also be the contributing factor.