Surging Class A Rents in Several Sun Belt Markets
Date postedJune 28, 2023
Across the U.S. apartment market, Class A apartment rents are growing a bit faster than the national norm. In several Sun Belt markets, however, that rate of outperformance in the Class A space is considerably stronger. In the year-ending April 2023, apartment rents grew 3.2% across the nation’s 150 largest apartment markets, according to data from RealPage Market Analytics. Class A rents grew 3.9% in the year-ending April 2023, marking an outperformance of about 70 basis points (bps). However, in some Sun Belt markets – particularly in Florida – Class A rents were growing twice as fast as the market average as of April.