As of the end of August, a much greater number of apartments with 9/1 move-in dates were still on the market, and that's unusual. Last year the amount of available inventory on our site dropped by about 29% from June 25 to August 25... this year, available inventory only dropped by about 13% over the same period.
It's not unusual to see price drops throughout the summer, especially as some harder-to-rent units at higher price points sit on the market. However, the drops we're seeing this year are a little more sizable.
The average rent decrease was $201 over the summer, which is 27 percent higher than last year's average price drop. In neighborhoods such as Mission Hill, price drops were as high as $300.
Areas that have more multi-bedroom units tend to have bigger price drops as their overall rent prices are higher.
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