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Average U.S. Rent Drops in September, Overall MF Outlook Remains Bright
September 2018 marked the first time in eight months that U.S. multifamily rents did not increase. The $1,412 national average for the month represented a $1 drop from August, and a 3.1% year-to-date increase. Year-over-year rent growth remained unchanged at 3%, according to research by Yardi Matrix.
The report presents an overall bright outlook for the multifamily sector. A slight decline in rents is normal at the start of fall, says Yardi Matrix, “when rent growth traditionally begins to hibernate for winter.” Strong demand countering the steady wave of new supply is another positive sign. “Long-term demand for rentals is likely to remain high for a variety of demographic and social reasons,” the report notes.
Year-over-year rent growth leaders for September were Orlando, Las Vegas, Phoenix, Tampa, and Southern California’s Inland Empire.
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