Despite the slight drop in overall rents, the year-over-year rate of growth increased to 2.5% nationwide in November, up 10 basis points over October. Overall rents are now $4 off their all-time high of $1,362, which was achieved in September.

The national deceleration on a year-over-year basis continued, with rents up 2.3% nationwide in October, a 30 basis-point decline from September. Rent growth in Houston is up 0.8% year-over-year through October, a 100-basis point improvement over -0.2% in September and the metro’s first positive month since July 2016. Upward of 45,000 apartment units and 100,000 housing units went out of commission as a result of Harvey.

U.S. monthly rents were flat in September, remaining at $1,354, yet they continue to decelerate on a year-over-year basis. Rents were up 2.2% nationwide in September, a 10-basis-point decline from August. After a strong first half, in which average rents grew by $33, they experienced a summer slowdown, increasing by only $1 in the third quarter.