“Despite being at the tail end of the construction boom, the market had still been struggling to absorb the swell of new inventory,” Salviati said.
“That is now finally changing, as we see multifamily occupancy also hitting an inflection point in tandem with rent growth.”
Sun Belt lags as coastal metros lead recovery
Not every market is recovering at the same pace. Rent declines measured year over year remain concentrated in the South and Mountain West — San Antonio, Las Vegas, and Denver posted the steepest annual drops nationally. Brokers in those regions continue to operate in conditions that favor renters.
The recovery is sharpest along the coasts. San Francisco and San Jose, California, led national rent gains, followed by Virginia Beach, Virginia, and Milwaukee, Wisconsin.
In the Northeast and Midwest, rents are running definitively higher year over year, a regional divergence that mortgage brokers advising clients on regional US housing market conditions will need to factor into their market-specific strategy.
