U.S. multifamily rents ended with a bang heading into the July Fourth holiday, with the average rent rising by $12 in June to an all-time high of $1,405, according to a survey of 127 markets by Yardi Matrix.
Rents grew by 2.1% in the second quarter of 2018, the highest for any quarter since 2015; by 2.6% during the year's first half; and by 2.9% year-over-year as of June. The first-half figure was last topped in 2016.
The year-over-year rent growth leaders in June were Orlando, Fla.; Las Vegas; California’s Inland Empire; Phoenix; and Tampa, Fla.
“The healthy showing might put to rest fears that rent deceleration from the peak 2015/2016 years will turn into a flattening or negative growth,” wrote the report’s authors. “It’s a good sign that demand generally is holding up and that robust supply growth is not an impediment to rent growth in most markets.”
Employment, Supply, and Occupancy Trends; Forecast Rent Growth
Related Stories
| May 16, 2011
Autodesk and the USGBC announce multifamily design competition
Autodesk is partnering with the U.S. Green Building Council to sponsor the organization’s multifamily midrise design competition, which will give design professionals and students an opportunity to present their solutions to sustainable, multifamily midrise design.
| May 3, 2011
Would apartment shells help the housing market?
One reason the U.S. government pushed for homeownership is because it’s thought to reduce turnover and build strong communities. Owners have a vested interest in their properties whereas renters don’t—but what if were to change?
| Apr 12, 2011
Luxury New York high rise adjacent to the High Line
Located adjacent to New York City’s High Line Park, 500 West 23rd Street will offer 111 luxury rental apartments when it opens later this year.
| Mar 22, 2011
Mayor Bloomberg unveils plans for New York City’s largest new affordable housing complex since the ’70s
Plans for Hunter’s Point South, the largest new affordable housing complex to be built in New York City since the 1970s, include new residences for 5,000 families, with more than 900 in this first phase. A development team consisting of Phipps Houses, Related Companies, and Monadnock Construction has been selected to build the residential portion of the first phase of the Queens waterfront complex, which includes two mixed-use buildings comprising more than 900 housing units and roughly 20,000 square feet of new retail space.
