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Yardi Matrix: US Multifamily Rent Growth Surges to Record in June
If there was any doubt that the apartment sector could withstand robust supply deliveries, the latest research by Yardi Matrix subdued those fears. U.S. multifamily rents ended with a bang heading into the July Fourth holiday, with the average rent rising by $12 in June to an all-time high of $1,405, according to Yardi Matrix’s survey of 127 markets.
Rents grew by 2.1% in Q2 2018, the highest for any quarter since 2015; by 2.6% during the year’s first half; and by 2.9% year-over-year as of June. The first-half figure was last topped in 2016.
“The healthy showing might put to rest fears that rent deceleration from the peak 2015/2016 years will turn into a flattening or negative growth,” the Yardi report indicates, which is “a good sign that demand generally is holding up, and that robust supply growth is not an impediment to rent growth in most markets.”
The year-over-year rent growth leaders in June were Orlando, Las Vegas, Southern California’s Inland Empire, Phoenix and Tampa, FL.
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