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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

8 mins ago - Health

Fauci: COVID vaccine rollout needs to prioritize people of color

Anthony Fauci. Photo: Alex Wong via Getty Images

Infectious disease expert Anthony Fauci highlighted the need to address racial disparities in the COVID-19 vaccination process, per an interview with The New England Journal of Medicine on Wednesday.

What he’s saying: "I think that's the one thing we really got to be careful of. We don't want in the beginning ... most of the people who are getting it are otherwise, well, middle-class white people."

The Mischief Makers

Illustration: Sarah Grillo/Axios

Several Republican and Democratic lawmakers are emerging as troublemakers within their parties and political thorns for their leadership.

Why it matters: We're calling this group "The Mischief Makers" — members who threaten to upend party unity — the theme eclipsing Washington at the moment — and potentially jeopardize the Democrats' or Republicans' position heading into the 2022 midterms.

Obama speechwriter fears Biden unity drive is one-sided

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President Obama's former speechwriter says he's "preemptively frustrated" with President Biden's effort to find unity with Republicans.

What they're saying: Cody Keenan told Axios that Biden's messaging team has "struck all the right chords," but at some point "they're gonna have to answer questions like, 'Why didn't you achieve unity?' when there's an entire political party that's already acting to stop it."