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California Apartment Rent Growth Dominates National Rankings
California claimed five of the top 11 spots on Yardi Matrix’s multifamily rent growth rankings. The Inland Empire ranked No. 3 in a comparison of year-over-year rent growth for all asset classes. Other Golden State markets included Sacramento at No. 5, San Jose at No. 7 and Los Angeles at No. 8, while San Francisco claimed the 11th spot on the rankings.
The average U.S. multifamily rent reached an all-time high of $1,409 in July. Rents increased 2.8% year-over-year with the $3 increase from June, and have risen 3% year-to-date, according to a survey of 127 markets by Yardi Matrix.
The report notes, “One could say the market is experiencing typical summer growth, a good sign considering the length of the cycle, which has some worried that the party might be nearing its end. Economic conditions remain favorable for the multifamily industry, especially in secondary markets that are leading the nation in employment growth.”
Orlando was the nation’s top rent growth market, followed by Las Vegas at No. 2.
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