Apartment rents, on average, rose by $1 in August to $1,352, according to data compiled from 121 markets recently released in a report by Yardi® Matrix.
A critical shortage of construction workers is the principal reason for the slowdown, “reducing our forecast for new deliveries in 2017 to 300,000, down from 360,000 we had expected,” according to the report.
The leading areas for growth in August were Sacramento, Calif., Seattle, Wash., California’s Inland Empire, Phoenix, Ariz., and Dallas, Texas.
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