Rent Gains Soften but Steady Demand Remains

■ Year-over-year rent growth softened to 3.1% nationwide in November, a 20-basis-point decline from October and a 40-basis-point reduction from the 2019 high this summer. Despite the slowdown, rent growth remains steady, with nationwide rents growing 3% or more since early 2018. The seasonal slowdown is expected to continue through early 2020, but substantial demand for multifamily housing remains, and rent growth will likely accelerate again in the spring.

■ As has been the case for months, Phoenix (7.5%) and Las Vegas (6.0%) top our rankings. Job growth and strong in-migration continue to fuel the desert Southwest. Demographic tailwinds are supporting a number of markets with robust new-supply pipelines, including Raleigh and Charlotte (both 4.6%), Nashville (4.5%), and Austin (4.0%). All four markets are in the top 10 for new deliveries as a percentage of stock; they are also in the top 10 for year-over-year rent growth.