Axiometrics Inc. reports that the national annual effective rent growth rate slowed to 3.2 percent in the second quarter, down from 4 percent in the second quarter of 2012. Effective rent growth has slowed for eight consecutive quarters, though in 20 of the top 88 Metropolitan Statistical Areas, annual effective rent growth was greater than 4 percent. While national effective rent growth is decelerating, Axiometrics says it is still above the long-term average of 2.1 percent. Occupancy rose to 94.7 percent nationally, up from 94.3 percent a year ago, in response to increased new apartment supply.
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