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
Coronavirus | Aug 25, 2020
Video: 5 building sectors to watch amid COVID-19
RCLCO's Brad Hunter reveals the winners and non-winners of the U.S. real estate market during the coronavirus pandemic.
Multifamily Housing | Aug 24, 2020
Portland’s zoning reform looks to boost the ‘missing middle’ of housing
The city council in Portland, Ore., recently approved the “Residential Infill Project” (RIP), a package of amendments to the city’s zoning code that legalizes up to four homes on nearly any residential lot and sharply limits building sizes.
Multifamily Housing | Aug 24, 2020
Texaco’s century-old headquarters is now a luxury apartment community
After sitting vacant for nearly three decades, the former home of Texaco, Inc. has been converted into a 17-story, 286-unit apartment building in the heart of downtown Houston.
Multifamily Housing | Aug 23, 2020
Designing affordable housing on odd urban lots in LA
"Misfit parcels" could be the key to providing more affordable housing in Los Angeles, say two experienced multifamily housing designers.
Multifamily Housing | Aug 16, 2020
TCA Architects specifies Engineered Floors products for 304-unit apartment complex in Tracy, Calif.
TCA Architects specified Lewis Rigid Stone Polymer floating plank and Lewis Gold 100% Solution-Dyed high-performance fiber carpet for Harvest in Tracy, Calif.
Multifamily Housing | Aug 3, 2020
71-unit 100% affordable housing development breaks ground in Mountain View, Calif.
Van Meter Williams Pollack is designing the project.
Multifamily Housing | Aug 2, 2020
Stantec-designed 17 West mixed-use development completed in Miami Beach
Stantec-designed 17 West mixed-use development completed, with first Trader Joe's in Miami Beach.
Multifamily Housing | Jul 31, 2020
Railings manufacturer VistaPro launches its new website
VistaPro Architectural Railing Solutions launches new website.
Multifamily Housing | Jul 29, 2020
Multifamily construction proposal activity sees modest rebound in Q2 2020
Among the firms that work in the multifamily sector, 31% said that proposal activity increased in the second quarter, while 24% said it decreased.
