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The big picture: A flood of new urban apartments is crashing prices

Sign that says leasing office
Photo: Jeffrey Greenberg/UIG via Getty Images

Rental growth in the United States has reached its lowest level — 2.3% — since 2010 as some of America's biggest cities have been hit by a flood of newly-built luxury apartments coming online.

Why it matters: The cities that have experienced the sharpest flattening in rental growth often have rather strong economies, according to RealPage data, but tend to have new high-end apartments hitting the market, pricing out a large segment of the community.