Despite deceleration trends in hot tech markets, overall average keeps growing
SANTA BARBARA, Calif., Aug. 30, 2016 – In August, for the eighth consecutive month, the U.S. apartment rent average reached an all-time high. The new average, $1,220, topped July’s average by $3, according to the latest edition of Matrix Monthly. Data is compiled from 119 markets covered by Yardi® Matrix.
Notwithstanding the new record, overall rent growth cooled somewhat, especially in technology-centric areas like San Francisco; Denver; Austin, Texas; and Boston. Other moderating factors included slight declines in job growth and occupancy.
A familiar list of metros led year-over-year rent growth in August: Sacramento, Calif., Seattle, California’s Inland Empire, Atlanta and Los Angeles. Portland, Ore., Dallas, Phoenix, Nashville/Knoxville, Tenn., and Orlando, Fla., rounded out the top 10 metros.
“The number of metros with outsize year-over-year rent gains has declined to a small number compared to the second half of 2015 and early 2016, but 18 of Yardi Matrix’s top 30 metros have seen solid growth of 4 to 7 percent over the past year,” the report states.
To see the full August report, click here.
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Yardi® develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide. For more information, visit www.yardi.com.