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Report: U.S. Multifamily Market Stays Strong Going into 4th Quarter
The average U.S. multifamily rent rose to a new high of $1,476 in October 2019, according to a recent report by Yardi Matrix.
Of the 30 major markets tracked by Yardi Matrix, 17 saw year-over-year growth of at least 3.3% in October, while only two trailed the 2.5% long-term average. The average national multifamily rent has grown by 32% since January 2012.
That steady growth has prompted a number of states, including Oregon, New York and California, to enact rent control measures over the past year with several more states considering them, according to the report.
“These laws are likely to prove counterproductive over time” by increasing cost burdens on markets’ new renters, limiting development of new stock and imposing disincentives for capital improvements,” the report says. “The U.S. needs more units built, but rent control moves the needle in the opposite direction.”
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