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Preleasing Softening, Rent Growth Sluggish Preleasing remains ahead of previous year's final levels but is starting to trail early-season estimates from the last two years. Rent growth remains well-below the historic average as commentary from the recent Interface conference indicates a shift in renter behavior in the AI era. New supply and increasing competition from a weak competitive multifamily have also forced rent declines in some markets where average rent per bed has returned to 2022-2023 levels.
Preleasing remains ahead of previous year's final levels but is starting to trail early-season estimates from the last two years. Rent growth remains well-below the historic average as commentary from the recent Interface conference indicates a shift in renter behavior in the AI era. New supply and increasing competition from a weak competitive multifamily have also forced rent declines in some markets where average rent per bed has returned to 2022-2023 levels.
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