United StatesĀ multifamily rents continued their impressive performance with a 3.4% year-over-year increase in July 2019, according to a new report fromĀ YardiĀ® Matrix.
Leading gainers included fast-growing Southwest and South metros Las Vegas, Phoenix, Charlotte and Raleigh, N.C., Atlanta and Nashville, Tenn. Rent growth was also strong in areas with concentrations of technology industries such as Boston, Seattle and Portland, Ore.
Even as multifamily fundamentals remain healthy almost everywhere, questions about the overall economy represent āpotential for market volatility and slower growth,ā the report says.
The average U.S. multifamily rent rose $3 in July, reaching $1,469. Sacramento, Calif., and Austin, Texas, joined Las Vegas, Phoenix and Charlotte as the monthās year-over-year growth leaders. Annual rent growth has topped 3% on a year-over-year basis for each of the past 13 months.
Read more in the Yardi Matrix multifamily national report for July 2019, which isĀ available for download.
Yardi Matrix offers the industryās most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, industrial, office and self storage property types. EmailĀ matrix@yardi.com, call 480-663-1149 or visitĀ yardimatrix.comĀ to learn more.
Market Data
Multifamily market sustains positive cycle
Year-over-year growth tops 3% for 13th month. Will the economy stifle momentum?
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