October 22, 2015
September saw yet another serious month for multifamily rent growth.
Apartment rents jumped 5.2 percent in September year over year, and it was the eighth month that annual rates have risen by five percent or more, according to research firm Axiometrics.
And despite this year’s increases, things were not too shabby in 2014, either. Year-on-year rent growth was at 4.1 percent last year during the same period.
Stephanie McCleskey, a vice president at Axiometrics, says she does not see the cycle ending any time soon, even though it has lasted five years already.
Meanwhile, San Chandan of Chandan Economics says that even though there is new construction taking place in this commercial real estate sector, most of it is geared toward the high end in urban areas, and there is not enough market-rent development to satisfy demand.