Rents rise again in August as signs stay favorable
SANTA BARBARA, Calif., Sept. 17, 2019 – August 2019 was another good month for the consistently growing U.S. multifamily market, according to a new report from Yardi® Matrix.
The average rent increased $2 that month to $1,472, maintaining a yearlong streak of year-over-year growth exceeding 3%.
The segment’s durability owes to “the combination of strong demographic trends, social changes that create demand for apartments, demand for new housing and the country’s long period of economic growth,” says the Yardi Matrix multifamily national report for August 2019. Even with signs of economic risk looming, “long-term trends remain more favorable for multifamily than for other segments of the economy.”
Las Vegas, Phoenix, Boston, Sacramento, Calif., and Austin, Texas, were the year-over-year rent growth leaders in August. Download the Yardi Matrix multifamily report for more data on rent growth by market and asset class.
Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, industrial, office and self storage property types. Email [email protected], call 480-663-1149 or visit yardimatrix.com to learn more.
About Yardi
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 on how Yardi is Energized for Tomorrow, visit yardi.com.