RealPage: October Rent Cut is the Third Largest Since 2010

U.S. rents fell by 0.6% in October, according to RealPage’s latest rent report. Though rents historically decline in September and October, this decrease represents the third-deepest monthly rent cut in 12+ years, according to the software and analytics firm, surpassed only by the COVID lockdown period from April to May of 2020.

RealPage, Inc.'s Jay Parsons explains the drop is due in part to the pandemic having disrupted traditional seasonal leasing patterns over the past two years. "It's returning this year at an outsized pace... giving back some of the gains from the past two years," Parsons writes. "It's very clear that peak rent growth is way in the rearview mirror (summer 2021) and even in an upside scenario, we're likely to see more normal-ish numbers in 2023."

Visit RealPage.com for the full report.