Rents decreased $1 to $1,420 in October 2018, a second straight month of decline. The 3.3% year-over-year rent growth for the month was unchanged from September, according to a survey of 127 markets from Yardi Matrix.

The overall slowdown follows an anticipated seasonal trend.

Rent gains have accelerated in warm-weather markets such as Las Vegas, Phoenix and Atlanta. According to the report, the strength of the national market is demonstrated by the fact that rent growth is less than 2% in only a handful of metros, and the lowest is Houston at 1.6%. No market is even remotely in trouble," the report says. "The market's groove will be hard to knock off course as long as employment and wage growth maintain their current path.

In fact, several metros have had recent rent decreases concentrated in the high-end segment. Boston (-0.7%), Seattle and San Jose (-0.6%), Chicago (-0.5%). Moreover, Portland and Washington, D.C. (-0.4%) experienced decreases in Lifestyle rents on a trailing-three-month basis. Those losses can be primarily attributed to an increase in deliveries of luxury units.

The strong gains are led by Southwest markets Las Vegas and Phoenix, both of which have seen strong acceleration since the beginning of the year. Las Vegas leads U.S. metros with 7.4% year over-year growth through October, up from 5.8% in January. Phoenix rose to 7.0% in October from 4.0% in January

Both markets benefit from their long-term population shifts and healthy job growth. Affordability and effects of 2017 tax reform have positioned Las Vegas to benefit from the outmigration of people and businesses from California and other high-cost regions. Phoenix is attractive due to its weather, while its economy increasingly attracting a diverse set of businesses.

Year-over-year rent growth leaders for October were Las Vegas, Phoenix, Orlando, Fla., and the Inland Empire and San Jose metros in California.