June 11, 2019
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A new national report from Yardi Matrix shows that U.S. multifamily rent growth in 2019, while steady, falls short of the levels seen in recent years. The average rent, which reached $1,442 in May, has grown $14 over the last three months. While that represents a year-to-date increase of 1.2%, last month was one of only two months of May in the last six years in which year-to-date rent growth fell below 2%.
Although the “bullish outcomes” of that six-year period might not be sustained in 2019, “most markets continue to be in good shape, with only a handful producing rent growth of less than 1.5% year-over-year,” says the report, which is based on a survey of 127 major U.S. real estate markets.
Yardi Matrix reports deliveries of new supply are tamping down rent increases in some metros, including Denver, Seattle and Kansas City, MO. The year-over-year rent growth leaders in May were Phoenix, Las Vegas, Sacramento, Atlanta and California’s Inland Empire.
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