Another All-time High for Multifamily Rents, Says Yardi Matrix
- Mar 04, 2016
Santa Barbara, Calif.—The average national apartment rental rate rose $7 in February to an all-time high of $1,175. Across the United States, rents rose an average of 0.6 percent month-over-month and 5.9 percent year-over-year. The latest data is from Matrix Monthly, a market report compiled by Yardi® Matrix covering 111 markets.
“While overall rent growth is robust and fundamentals on the national level are likely to remain healthy this year, cracks are beginning to emerge in some of the top-performing markets that indicate a return to more normal growth,” the report says.
Cities like San Francisco, Denver, and Portland, Ore., are seeing reduced investment in the tech sector, resulting in IPO cancellations and some layoffs. In Houston, declines in energy jobs are having an impact.
Yardi Matrix is a business development tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily sector. Email firstname.lastname@example.org or call 480-663-1149 to learn more.