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Hi Tim,
Nationwide rents fell another 0.7% in October, the third consecutive month of decline. A relatively weak rental market has now persisted for well over a year, characterized by increasing vacancy rates that are keeping rent growth in check. Year-over-year rent change has stabilized at -1.2% and is negative in 66 of the nation’s 100 largest cities.
- Rents in Mesa fell 0.9% in October, compared to a 0.7% decrease nationwide.
- Year-over-year rent growth in Mesa now stands at -4.7%, down from +0.2% one year ago.
- Since the start of the COVID-19 pandemic in March 2020, citywide rents have risen a total of 29.7%.
- Today the median rent in Mesa is $1,218 for a one-bedroom unit and $1,405 for a two-bedroom unit.
- And the citywide apartment vacancy rate stands at 6.2%, up 0.6 percentage points from this time last year.
If you have any questions or would like to hop on a call with one of our analysts to discuss the latest rental trends, please let me know!
Thanks,
Chris
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