Apartment Rent Growth Back on Track in Top 30 Metros
Multifamily rents increased by 2.5%year-over-year in May, or almost exactly where rent growth was in March 2020 when the pandemic began spreading in the U.S., Yardi Matrix reported. Many metro areas have recovered and surpassed pre-pandemic rent growth numbers.
Rents grew $12 in May to $1,428, the largest one-month increase since Yardi Matrix began keeping track. The 0.8% month-over-month growth rate was the largest since June 2015. For the second month in a row, all top 30 metros had positive monthly rent growth and 90% had gains of 0.5% or more.
Even as all gateway markets are showing signs of recovery, some are recovering faster than others. In New York, rents increased by 3.4% on a month-over-month basis, well above all other top 30 metros.
The pandemic has driven demand for single-family rentals, and the SFR industry achieved 7.3% Y-O-Y rent growth in May, according to Yardi Matrix.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).