Report: Weak Q4 Pushed Apartment Rents Down

US apartment rents fell in Q4 2015, going against the growth trend during the first half of the year, according to a new report from CoStar. It was one of the weakest Q4's since the end of the recession.

In the first half of 2015, apartment rents grew at an annualized rate of 9.4%, but then fell to 2.7% for the second half of the year (and were negative those last three months). (We reported last year how growing rent costs were causing some tenants to skip trips to the doctor.)

In San Francisco, rents fell 1.7% in Q4. In San Jose, they dropped 2.7%. Other notable declines included Washington, DC, down 1.1%; Houston down 0.5%; Philadelphia down 0.3%, and Seattle and Chicago each down 0.2%.

The greatest declines were among newer, higher quality apartments (many built since 2010), followed by lesser declines among mid-quality, three-star apartments. Rents continued to grow among one- and two-star apartment properties. [CoStar]

Continue reading this story with a free account

Log in or register
Related Topics: Apartment rents , CoStar Group
Sign up for more articles like this
Subscribe to Bisnow's San Francisco Newsletters
Related Stories

NYC Pushes To Use Opportunity Zone 2.0 For Mamdani's Housing Goals

DOJ Charges LA Nonprofit Workers With Misusing $8.7M Meant For Housing Aid

Bugatti Lends Brand To 60-Story Miami Condo Tower

With Occupancy Brimming, Investors Pile Into Bay Area Apartments

FBI Drops Investigation Into Financially Troubled StoryBuilt

GTIS Partners Rebrands As Brightshore Capital, Launches $250M Debt Platform

Stanford Pursuing $100M Fund For A 2M SF Expansion

Dublin BTR Had A €1B Summer

Sales Of Lower-End Apartments Surge In Philly As Landlords Face Financial Issues

Wu Proposes Tax Breaks To Jump-Start Stalled Housing Projects

Developer Seeks Permit For Denver Energy Center Conversion Project

Airbnb Launches $250M Fund To Invest In Affordable Housing