Although multifamily rents fell slightly in September, the overall picture painted by the data is positive. A $1 decline is insignificant, especially at the start of the fall, when rent growth traditionally begins to hibernate for winter. The 0.3% growth in the third quarter is slightly disappointing compared to same-period results in recent years. However, through three quarters, the average national rent has grown $42, or 3.1%, which is a good year by most any book and (if we’re being honest) exceeds expectations for the market
when the year started.