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U.S. Apartments Manage Second Month of Rent Gains
U.S. apartment rents eked out a second consecutive month of growth, increasing by an average of $1 nationwide from July to August, Yardi Matrix said in its latest National Multifamily Report. Rent collections remain generally strong, but it’s not yet clear whether that will continue through the fourth quarter.
“Collections have yet to decline a material amount, but if unemployed Americans are left without additional stimulus in the coming months, we could see a different story play out in the fall and winter months,” the report stated.
Year-over-year rent growth is trending flat, said Yardi Matrix. Among the top 30 markets, Y-O-Y rent growth is negative in 16, with the strongest declines seen in San Jose (-5.5%), San Francisco (-5.1%) and Boston (-2.5%).
Yardi Matrix reported that by asset class, Renter By Necessity is stronger, with only eight markets seeing Y-O-Y rent declines, compared to 22 for Lifestyle properties.
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- ◦Economy
