Apartment rents weaken further as war and job cuts weigh on demand

March rents fell 1.7% year-over-year, the largest drop since Apartment List began tracking in 2017 and larger than declines seen in the early months of Covid. The sharp rent decline signals easing housing inflation and could weigh on landlord/REIT revenues and near-term CPI readings, with modest implications for monetary policy assessments.

Analysis

March rents fell 1.7% year-over-year, the largest drop since Apartment List began tracking in 2017 and larger than declines seen in the early months of Covid. The sharp rent decline signals easing housing inflation and could weigh on landlord/REIT revenues and near-term CPI readings, with modest implications for monetary policy assessments.