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
Multifamily Housing | Aug 3, 2022
NEW DEADLINE for Senior Living and Student Housing projects for "MULTIFAMILY Design+Construction" Fall issue
Fall 2022 issue of MULTIFAMILY Design+Construction will have reports on Senior Living and Student Housing.
Multifamily Housing | Jul 28, 2022
GM working to make EV charging accessible to multifamily residents
General Motors, envisioning a future where electric vehicles will be commonplace, is working to boost charging infrastructure for those who live in multifamily residences.
Multifamily Housing | Jul 26, 2022
All-electric buildings – great! But where's all that energy going to be stored?
There's a call for all-electric buildings, but can we generate and store enough electricity to meet that need?
Green | Jul 26, 2022
Climate tech startup BlocPower looks to electrify, decarbonize the nation's buildings
The New York-based climate technology company electrifies and decarbonizes buildings—more than 1,200 of them so far.
Sponsored | Multifamily Housing | Jul 19, 2022
Engineering Solutions for a More Inclusive Community
Affordable housing complex uses engineered wood to keep construction costs low, tackle a public predicament and give rise to a stronger, more inclusive community.
Multifamily Housing | Jul 14, 2022
Multifamily rents rise again in June, Yardi Matrix reports
Average U.S. multifamily rents rose another $19 in June to edge over $1,700 for the first time ever, according to the latest Yardi® Matrix Multifamily Report.
Building Team | Jul 7, 2022
Amenity-rich rental property in Chicago includes seven-story atrium with vertical landscaping
The recently opened 198-unit Optima Lakeview luxury rental apartment building in Chicago is bursting with amenities such as the region’s first year-round rooftop pool, contact-free in-home package delivery, housekeeping services, on-site room service, fitness programming, and a virtual personal assistant.
Multifamily Housing | Jul 6, 2022
The power of contextual housing development
Creating urban villages and vibrant communities starts with a better understanding of place, writes LPA's Matthew Porreca.
Green | Jun 22, 2022
The business case for passive house multifamily
A trio of Passive House experts talk about the true costs and benefits of passive house design and construction for multifamily projects.
