Multifamily rent growth slows in August

Apartment rent growth lost steam during August.

Commercial property managers experienced a somewhat slowed rent growth rate during August, according to a report from Trulia.

The average rental rate increase for the country fell to 4.7 percent in August when compared to the same point in 2011. However, this is notably lower than May's yearly figure of 5.8 percent, according to Trulia's latest edition of its Rent Monitor. Houston and Seattle had growth of more than 10 percent during the month, which was noticeably larger than May's figure. However, many areas such as Denver, San Francisco, Miami and Oakland experienced lowered growth rates.

"Rents had been on fire earlier this year, but some of the hottest rental markets are starting to cool," said Jed Kolko, chief economist for Trulia. "New construction that started last year is finally coming onto the market, giving renters more choices and some relief from rising rents. Still, rents are climbing in nearly all of the major rental markets."

Despite the lowered rates, Kolko added that rising home prices may be getting closer to increased rent levels. This could encourage more renters to avoid the housing market, as renting could be a better value.

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