While U.S. rents have come down three months in a row, most markets are still hanging on to annual growth. In fact, out of the nation’s largest 150 apartment markets, only two posted year-over-year rent cuts in November: Honolulu and Vallejo/Fairfield/Napa. Honolulu logged the steepest price decline in the past year of 1.1%, while rates came down by a negligible 0.1% in Vallejo, according to recent data from RealPage Market Analytics. Rent growth in Honolulu reached a high point in 2021, after the market hit record occupancy, but both those metrics have come down of late. Honolulu has seen occupancy dive significantly in the past year, as the market deals with historic levels of new supply. Vallejo’s fluctuation has been a little more subdued but this market is also seeing occupancy fade notably, prompting operators to cut back on rents.
