With the exception of the monkey-wrench the pandemic threw into rent growth, the National Multifamily Report by Yardi Matrix states that rent growth in the past immediate term (May to June 2023) is down 70 bps to 1.80%. The average asking rent for conventional product is up $7.00 for the same term to an average rent of $1,726. Occupancy averaged 95% in this property class. The culprit? Per the report, new units coming on line. Makes sense. Here in Salt Lake, there are 15,000 – 20,000 units under construction. Some are beginning to come to market impacting rents and occupancy. And to put a finer point on it, the owner of multifamily property management firm here recently told me that 70% of his vacant units were 1/1’s. He said he expected that percentage to increase over the near term. I’m seeing concessions being offered more widely here. Rents have likely plateaued at many properties.