CR Rent Trends
From housing economist Tom Lawler: Recently released data from various private entities that track US rent trends indicate that US rent growth has weakened considerably this Fall, and several measures suggest that rents have fallen by more than the seasonal norm over the last few months. Here is a table showing monthly % changes in the Apartment List Rent Index (ALRI, not smoothed), the Zillow Observed Rent Index (ZORI, smoothed via 3-month moving average), and the CoreLogic Single Family Rent Index (CLSFRI, smoothed via 3-month moving average.) I’ve included the ALRI on a 3-month moving average basis to be comparable to the other two indices. As the table indicates, all three rent indices have shown recent declines over the last few months. Another provider of “same-store” rent indices, RealPage, reported that its national rent index declined by 0.59% in November , the third straight monthly decline. RealPage said that its apartment rent index was up 6.5% YOY in...