“Can’t stop, won’t stop” is starting to feel like an appropriate tagline for the U.S. multifamily sector as it maintains more than a year-long streak of record growth.
According to the latest Yardi Matrix Multifamily Report, the average U.S. asking rent rose $15 in April to an all-time record $1,659. Year-over-year growth moderated by 50 basis points but remains high at 14.3 percent.
“Although there are a few weak spots, multifamily demand and rent growth remain incredibly strong throughout the country,” state Matrix analysts in the new report. “Of our top 30 metros, rent growth was up at least 8.8 percent over the last year in all but one.”
Rent growth was also positive in all 30 metros over the last one-month, three-month and 12-month periods. Markets in Florida and the Southwest maintained the top spots in year-over-year rankings, but more recently Boston, New York, San Jose and Philadelphia have been the top performers.
Additionally, the average single-family asking rent in the U.S. reached an all-time high of $2,018 in last month. Year-over-year growth for single-family homes dropped 110 basis points to 13.2 percent.
How long can the multifamily market’s superb performance continue? Deceleration is anticipated any month now, due to economic contraction, surging inflation, interest rate hikes and ongoing supply-chain issues. Learn more in the latest multifamily report.
Related Stories
Multifamily Housing | Sep 22, 2020
AIA/HUD Secretary's Awards celebrate affordable, accessible, and well-designed housing
Each year, the AIA and HUD partner to celebrate projects that demonstrate affordable, accessible and well-designed housing, proving that good design is not exclusive.
Multifamily Housing | Sep 16, 2020
8 (more) noteworthy multifamily projects to debut in 2020
An office-to-apartment conversion in Clearwater, Fla., and a modular affordable housing community in Portland, Ore., highlight the latest multifamily developments to open this year.
Multifamily Housing | Sep 14, 2020
McShane Construction begins work on Gilbert, Ariz., multifamily development
Continental Properties is the project owner.
Multifamily Housing | Sep 10, 2020
COVID-19: How are you doing?
Multifamily seems to be one sector in the construction industry that’s holding its own during the pandemic.
Multifamily Housing | Sep 10, 2020
EV charging webinar to feature experts from Bozzuto, Irvine Company, and RCLCO - Wed., 9-16
EV charging webinar (9/16) to feature Bozzuto Development, The Irvine Company, RCLCO, and ChargePoint
Multifamily Housing | Sep 2, 2020
8 noteworthy multifamily projects to debut in 2020
Brooklyn's latest mega-development, Denizen Bushwick, and Related California’s apartment tower in San Francisco are among the notable multifamily projects to debut in the first half of 2020.
Multifamily Housing | Sep 2, 2020
New affordable housing in the Bronx is designed for both seniors and teens
Body Lawson Associates designed the project.
Giants 400 | Aug 28, 2020
2020 Giants 400 Report: Ranking the nation's largest architecture, engineering, and construction firms
The 2020 Giants 400 Report features more than 130 rankings across 25 building sectors and specialty categories.
Sponsored | | Aug 26, 2020
Healthy air systems have become the new “standard equipment.”
As home buyers demand healthy air systems, builders look to differentiate themselves with a “Healthy Home Builder” designation.
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.