In 2nd quarter, a staggering 10 apartment markets out of the nation’s largest 50 recorded double-digit rent growth. In the past decade, no other quarter saw this many markets with such solid results. The closest came in 3rd quarter 2015, when five markets had double-digit rent growth. Markets logging annual effective asking rent growth of 10% or more as of 2nd quarter 2021 included West region locales like Phoenix, Riverside, Las Vegas and Sacramento. Reasonable prices allowed these markets to thrive when pandemic-induced migration caused deterioration in the more expensive areas nearby. Also included is Salt Lake City, which was one of the first markets across the nation to see its total employment count get back to pre-pandemic levels. Some South region markets with annual rent growth in the double digits included Atlanta and Memphis, and also Florida locales like Tampa, Jacksonville and West Palm Beach. Many of these areas did not see the deep price declines recorded in some of the nation’s gateway markets during the past year.
