National + Apartments | January 10, 2019

U.S. Multifamily Sector Riding a Robust Cycle

Despite finishing flat, the U.S. multifamily sector enjoyed a solid year in 2018. The $1,419 average national rent in December, was unchanged from the previous month, but capped a year in which rents grew by 3.2%, according to a Yardi Matrix survey of 127 markets.

Rents have increased by 31% since January 2011, and have grown by at least 2.9% every year except one since then. While acknowledging concerns that the unusually long cycle has played out, Yardi Matrix’s survey points out there’s “reasons to believe multifamily fundamentals will remain vigorous in 2019 and beyond.”

Chief among those reasons is ongoing strong demand fed by a growing cohort of prime renter-age individuals, robust job growth and social factors such as student loan debt that limits first-time homebuyers.

The year-over-year rent growth leaders in December were virtually unchanged from November, with Las Vegas, Phoenix, California’s Inland Empire and Atlanta again occupying the top spots. San Jose, CA edged out Orlando, FL for fifth place.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.