In May 2017, the nationwide average for monthly rent grew by about $4, marking the third straight month of rent growth in the U.S. That’s the good news, according to new survey data from Yardi Matrix. Residential landlords and property managers are less likely to smile over the fact that rent growth is decelerating, meaning year-over-year increases in rental prices are still underway, but at a more modest rate.

EagleScreen blog readers are encouraged to check out the reporting from our friends at MultiFamilyExecutive .com for their summary of the Yardi Matrix report, as well as their other insightful commentary on the latest market trends. The Yardi report’s authors credit a slowdown in rental price growth to the slight increase in apartment supply. Compared to last year’s 281,000 new rental units, 2017 is expected to come in nearly 80,000 units stronger at 360,000.

Other fast facts from the data:

Growth in upscale renters, those who could afford to own their own home but choose to rent, is a market subset that Yardi anticipates will stay flat this year. On the other end of the spectrum, the “Renter by Necessity” category of tenants is expected to rise by 2.6%.

Look west for rent growth, as three regions in the Golden State take the gold, silver, and bronze medals for top rent growth in the country with the Sacramento area clocking in at +7.3%, the Inland Empire at +4.2% and Los Angeles at +3.9%.

After years of robust rent growth, Yardi predicts a slowdown ahead in this area. In the southern and western regions of the U.S., new completions are expected to push total apartment stock about 3.0% higher in 2017.

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