Heading into the summer, most multifamily markets showed significant improvements compared to a year ago. At that point, rent growth was still deteriorating and supply had yet to peak in many markets. While effective rent growth is far from robust in most places, it's positive in most places.

While effective rents were still below last year's level in several markets at the end of May, the year-over-year declines were typically much milder. 

At a national level, effective rents were up 0.9% from a year ago and the occupancy rate was 93.7%. Markets such as Chicago, Seattle, and Washington, DC outperformed the U.S. benchmark for both metrics...

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