Condominium Record’s nationwide hire index fell by 0.7% in October, marking the second consecutive month-to-month decline and the biggest single-month dip for the reason that agency has been monitoring rental information.
“A modest decline in rents right now of yr is according to the conventional seasonal pattern that we sometimes see in our hire index. However given how atypical the market has been for the previous two and a half years, this return to pre-pandemic seasonality represents a notable shift,” Condominium Record’s analysis crew notes in a report breaking down final month’s information. “Final October, rents elevated by 0.8 p.c month-over-month, because the market continued on an unprecedented stretch of record-setting hire development which disrupted seasonal tendencies. In distinction, this October’s record-setting decline marks a fast cooldown which can sign that we’re coming into a brand new part of the rental market rollercoaster. It’s doubtless that rents will decline additional within the months forward, as rental market exercise slows in the course of the winter months.”
