The U.S. apartment rent average fell by $3 in October to $1,216, according to data compiled from 123 markets surveyed by Yardi Matrix.
Despite the second straight month of decline in the average, rents grew 4.4 percent nationwide on a year-over-year basis in October.
“The declining trend is not unexpected and demonstrates a reversion to more ‘normal’ rent growth that we forecast at the beginning of the year,” the report says, citing the seasonal nature of apartment rents, outsize rental growth over the past year, increased supply of high-end lifestyle apartments that limit rental growth in some areas and some slowing of job growth.
The leading areas for growth in October were three California metros—Orange County, San Diego and Sacramento—plus Phoenix and Kansas City, Mo. The metros whose rents trailed the most overall were San Francisco, Seattle, Denver, Boston and Portland, Ore.
To see the full October report, click here.