Strong economy and demand boost average rent to a new high
SANTA BARBARA, Calif., Sept. 11, 2018 — U.S. multifamily rents in August maintained the year’s torrid pace, adding $2 to July’s record high. The $1,412 nationwide average for the month represented a 3% year-over-year increase and was the seventh consecutive all-time high, according to a survey of 127 markets by Yardi® Matrix.
Multifamily rents have grown steadily throughout 2018, buoyed by the strong economy and continued healthy demand. The 25-basis-point increase in the occupancy rate of stabilized properties since January is “particularly impressive, considering that 2018 is on pace for a third straight year of some 300,000 new units,” the report notes, adding, “The multifamily market … shows no signs of being at the end of its cycle.”
August’s year-over-year rent growth leaders—Orlando, Fla.; Las Vegas; California’s Inland Empire; Phoenix; Tampa, Fla.—have populated most of this year’s monthly rankings. Metros in the South and West occupied the nine top spots in August.
View the full Yardi Matrix Multifamily National Report for August 2018 for additional detail and insight into 127 major U.S. real estate markets.
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