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
High-rise Construction | Aug 1, 2017
Construction on the world’s skinniest tower halts due to ballooning costs
The planned 82-story tower has stalled after completing just 20 stories.
Multifamily Housing | Jul 31, 2017
Chicago’s Ukrainian Village neighborhood adds new co-living space
The new building offers 12 bedrooms across four floors of living space.
Multifamily Housing | Jul 27, 2017
Apartment market index: Business conditions soften, but still solid
Despite some softness at the high end of the apartment market, demand for apartments will continue to be substantial for years to come, according to the National Multifamily Housing Council.
Multifamily Housing | Jul 27, 2017
Game rooms and game simulators popular amenities in multifamily developments
The number of developments providing space for physical therapy was somewhat surprising, according to a new survey.
Multifamily Housing | Jul 25, 2017
Co-living arrives in Queens: Common adds two new co-living homes
Common adds a new coliving home in Brooklyn and its first offering in Queens with Common Lincoln and Common Cornelia.
Multifamily Housing | Jul 19, 2017
Student housing trends: The transformation of co-living in college
The Student Hotel is representative of a new model for delivering housing solutions for students globally.
Multifamily Housing | Jul 19, 2017
KTGY-designed Elan Menlo Park nears completion
The 146-unit apartment community was designed as a series of six interactively connected garden-style apartments.
Multifamily Housing | Jul 12, 2017
Midyear Rent Report: 26 states saw rental price increases in first half of 2017
The most notable rental increases are in growing markets in the South and Southwest: New Orleans, Glendale, Ariz., Houston, Reno, N.V., and Atlanta.
Multifamily Housing | Jul 12, 2017
7 noteworthy multifamily projects: posh amenities, healthy living, plugged-in lifestyle
Zen meditation gardens, bocce courts, saltwater pools, and free drinks highlight the niceties at these new multifamily developments.
