SANTA BARBARA, Calif., October 4, 2016 – The U.S. apartment rent average fell in September for the first time since November 2015. The $1 drop, to $1,219, came amid 4.7% year-over-year growth nationwide during the month, according to data compiled from 123 markets surveyed by Yardi® Matrix.
Despite the decrease, multifamily fundamentals remain strong. Occupancy has remained unchanged since May, employment is solid and demand for multifamily housing remains high. “Rent growth has significantly outpaced economic expansion and wage growth in the last three years, and the recent deceleration aligns with historical rent growth rates,” according to the report.
Sacramento and the Inland Empire in California, Seattle, Orlando, and Portland, Ore. led year-over-year rent growth in September. San Diego, Atlanta, Tampa, Dallas and Las Vegas accounted for the remaining top 10 metros.
To see the full September report, click here.
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