What the Cooling Rental Market Means for This Multifamily REIT
The rental market, like the housing market, has experienced record year-over-year growth over the past two years. Rents rose as much as 17% at the peak in January 2022. But a recent report published by CoStar Group found that rental price growth was slowing across the country.
So where does that leave Mid-America Apartment Communities (NYSE: MAA), one of the premier residential real estate investment trusts (REITs)? Here's a closer look.
According to CoStar Group's report, the Sun Belt and the South remain above the national average for rent growth. Markets like Orlando and Tampa, Florida; Charlotte, North Carolina; Nashville, Tennessee; Dallas, and Atlanta -- all of which are among Mid-America's top 10 markets by net operating income (NOI) -- are seeing rental rates rise by 10% or more.
Source Fool.com
