Connie Lee’s Post

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Cofounder/CEO @ Reffie | Helping real estate operators fill vacancies faster using centralized leasing software | Get 50%+ engagement from all inbound renter prospects

What do Austin, San Antonio, and Phoenix have in common? They’re the top 3 markets with the deepest rent cuts for year-end November 2024. However, it isn’t all bad news for the Texas capital. Two indicators are pointing towards some recovery in the near term. ● November’s cut of 0.4% was the most mild monthly cut seen in Austin since May. ● Austin’s annual effective rent cut of 7.3% in November appeared less severe than last month’s annual decline of 8.1%. It also seems like the Western region is stabilizing as the major metros on the west avoided ranking on the list. ● Generally, effective asking rents were cut 0.6% on a monthly basis in the West Region in November. ● On an annual basis, rents have stagnated with no change in the West region. ● That was well below the growth rates seen in the Midwest (3.0%) and Northeast (2.5%) but above the rent cuts seen in the South region (-1.1%). #realestate #Texas #multifamily #propertymanagement

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