August 14, 2019
U.S. multifamily rents have continued their upward trajectory with a 3.4% year-over-year increase in July 2019, according to a new report from Yardi Matrix. Annual rent growth has topped 3% on a year-over-year basis for each of the past 13 months.
Some of the fastest-gaining metros, according to the report, include Las Vegas (8%), Phoenix (7.1%), Charlotte (4.6%), Raleigh (4.4%), Atlanta (4.3%) and Nashville (4%). Growth is also strong in areas where there is a high concentration of tech industries, such as Boston, Seattle and Portland.
Nationwide, the average U.S. multifamily rent rose $3 in July, reaching $1,469. The month’s year-over-year leaders were Sacramento, CA, Austin, TX, Las Vegas, Phoenix and Charlotte.
Even as multifamily fundamentals trend upwards, concerns about the overall economy represent “potential for market volatility and slower growth,” the report says.
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Tags: Apartments & Multifamily