Multifamily asking rents increased 10.3 percent in August on a year-over-year basis
SANTA BARBARA, Calif., Sept. 3, 2021 – Asking multifamily rents jumped more than 10 percent year-over-year (YoY) in August, the largest leap ever recorded by Yardi® Matrix, a leading industry data tracker. If a record-setting month for multifamily sounds familiar, the increase bested the record set the previous month by more than four percent.
Overall asking rents increased by $25 to a national average of $1,539, according to the new Matrix Multifamily National Report. Single-family (build-to-rent) rents continue to grow at an even faster pace, with average asking rents up 13.9 percent YoY.
“The recovery in rents is widespread, fueled by a return to urban cores, job growth and an increased savings rate,” say Matrix analysts. “Many people who were living at home during the pandemic or were living with roommates are now able to afford their own apartments, creating a surge in demand.”
Cities with significant technology jobs have led the nation in rent growth over the last year and a half continued to outperform. Cities overall are recovering from rent losses last year. All top 30 metros had positive YoY rent growth for the first time since the beginning of the pandemic.
Nationally, overall average asking rents have increased by $140 year-to-date. The growth in Lifestyle rents (11.8 percent) continues to outpace the Renter-by-Necessity (8.4 percent) asset class.
Gain more insight into the record-setting market performance and expected impact of the end to eviction moratoriums in this month’s report.
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