An Apartment For Rent sign seen in the Upper East Side of Manhattan.
Adam Jeffery | CNBC
Rent growth for apartments looks to have peaked after a tremendous run in 2021, and that could boost some of the real estate stocks that were the early darlings of the pandemic.
Nationally, rents rose just 0.8% between June and July, one-third the growth seen across the same period a year ago, according to RealPage. On an annual basis, rents in July were up 12.2%, compared with 13.8% year-over-year growth in June.
The cooling comes amid a downturn in affordability. Rent growth has outpaced income growth for the past 20 years but the coronavirus pandemic pushed that divide, especially in the more expensive coastal markets.
Landlords dramatically slashed rents in 2020, as renters fled urban areas only to return in 2021 and even more strongly this year. The new renters are younger and tend to have lower…
