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It is the year of the apartment — 2.0.
While some thought the skyrocketing rents of 2014 couldn't be sustained, they did, and then some. There's no sign of any easing any time soon.
Annual rent growth in September was 5.2 percent, the highest since 2011 and the eighth-straight month the rate has been 5 percent or higher, according to Axiometrics, an apartment research firm. Annual rent growth was at 4.1 percent a year ago, which was still considered high.
"The eight months the rate has been above 5 percent is the longest sustained period of strength we have seen. The last growth cycle was only four years, and this cycle is already five years long — with no sign of stopping," said Stephanie McCleskey, vice president of research at Axiometrics.
While apartment construction has been strong, it hasn't been enough or in the places where it is most needed. Now, there are signs it may be tempering. Permits for multifamily construction dropped nearly 15 percent in September from August and are now 1 percent below September 2014, according to the U.S. Census.