INDIANAPOLIS, CINCINNATI, AND COLUMBUS WERE THE RENT GROWTH LEADERS.
MIDWEST AND NORTHEAST MARKETS FARED THE BEST, SUB BELT MARKETS SLOWED DOWN
The year-over-year rent growth is down only marginally in the markets in the last 12 months. Indianapolis, Cincinnati, and Columbus were the rent growth leaders, with rent growth ranging from 4.3% to 5.4% at the end of May. Sun Belt markets on the other hand have seen
significant slowing in rent growth over the past 12 months. Las Vegas and Phoenix have gone from rent growth rates of 19% and 17% respectively to -2.6% and -2.7%. The slowing of rent growth will continue for the rest of 2023 as the risk of recession hangs over the economy and many markets are experiencing over-supply conditions.
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