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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.

Be smart: Rent growth numbers have been skewed by those pockets of luxury rentals, but demand itself remains strong. The overall apartment occupancy rate has only dipped by 0.3% from last year.

Details:

  • Landlords cut rents in some markets, even offering incentives like free parking, three months free rent, Amazon or ride sharing gift cards, per Wall Street Journal.
  • “We’re at best only halfway through the period of peak deliveries,” according to RealPage chief economist Greg Willett. “Ongoing construction of market-rate product totals just a hair under 400,000 market-rate units in the RealPage count, with annual deliveries set to stay right around 300,000 units through the middle of 2019.”
  • The winners with above-average rent spikes: Orlando, Florida; Las Vegas, Nevada; Jacksonville, Florida; Phoenix, Arizona; and Houston, Texas.
  • The losers: Austin, Texas; Chicago, Illinois; Portland, Oregon; Seattle, Washington; and Dallas, Texas.

Why it's happening: "That’s just too much inventory. In order to get those apartments absorbed, even with good strong job growth, it’s taking the sizzle out of the market," Ric Campo, chairman and chief executive of Camden Property Trust, tells WSJ.

  • And millennials are growing up and leaving the apartment rental market as they get married, start families, and move to larger homes.

Go deeper

4 hours ago - Health

Fauci: Omicron variant will "inevitably" be found in U.S.

Photo: Chip Somodevilla/Getty Images

Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases, cautioned on Sunday that the COVID-19 Omicron variant will "inevitably" be found in the United States.

Driving the news: Fauci, Biden's chief medical adviser, told ABC's George Stephanopoulos on "This Week" that U.S. officials will meet with colleagues from South Africa later on Sunday to try to determine the severity of the cases, as countries scramble to learn more about the variant.

Updated 6 hours ago - Politics & Policy

Dems fear supply-chain blame

Illustration: Aïda Amer/Axios

As supply-chain kinks drive up prices and disrupt holiday shopping, Democrats are scrambling to show action and deflect blame.

Why it matters: With their party controlling both the White House and Capitol, vulnerable Democrats worry supply-chain snafus will hurt them in next year's midterms.

6 hours ago - World

Scoop: Germany urges Congress not to sanction Putin’s pipeline

Photo: Mikhail Svetlov/Getty Images

The German government has urged members of Congress not to sanction the Nord Stream 2 pipeline, arguing that doing so will "weaken" U.S. credibility and "ultimately damage transatlantic unity," according to documents obtained by Axios.

Why it matters: At a time when roughly 100,000 Russian troops are massing at its border, Ukraine views Nord Stream 2 as an existential threat to its security. The pipeline would circumvent Ukrainian transit infrastructure and deliver Russian gas directly to Germany, eliminating one of the last deterrents Ukraine has against an invasion.