Chandan Economics' weekly briefing shows multifamily rents rose 2.4% year over year in September, concessions ran at 14.5% of stabilized apartments with an average 11.1% discount or about 5.8 weeks free on a 12 month lease, and on time rent payments reached 83.2% in October, up 68 basis points year over year. The NMHC Debt Financing Index fell to 10 in October from 46 in July and 61% of operators reported fewer deals than three months earlier.
Why it matters to multifamily marketers
Resident payment performance is improving even as deal activity slows, so marketers could lean budget into renewals and resident referrals that stretch each dollar instead of chasing new leases in a cooling buyer market.