“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 | Jul 19, 2018
Multifamily market stays hot in first half of 2018
The average rent grew by $12 in June, to an all-time high of $1,405, according to a survey of 127 markets by Yardi Matrix.
Multifamily Housing | Jul 18, 2018
First apartment building funded by Massachusetts’ workforce housing subsidy program opens
The transit-oriented Gateway North Residences is centrally located in Lynn, Mass.
Codes and Standards | Jul 17, 2018
NIMBYism, generational divide threaten plan for net-zero village in St. Paul, Minn.
The ambitious redevelopment proposal for a former Ford automotive plant creates tension.
Codes and Standards | Jul 17, 2018
In many markets, green features are more of a requirement for apartment renters
Renters in many U.S. cities have come to expect green features in apartments that they rent, with an eye toward energy efficiency and healthy indoor air.
Multifamily Housing | Jul 13, 2018
Student housing vs. multifamily housing—what are the differences?
While student and multi-family housing share a common building form, it’s the student resident that drives the innovation of new spaces.
Multifamily Housing | Jul 11, 2018
Meet the ‘CoHaus’: N.Y. developer unveils large-scale flats concept for boomers, Gen Xers
With its new CoHaus development, Ward Capital Management is betting on baby boomers downsizing and Gen Xers upsizing.
Sponsored | Multifamily Housing | Jul 10, 2018
Renovated mixed-use development features more desirable rentals
Multifamily Housing | Jul 2, 2018
17-unit condominium will rise one block south of Sunset Boulevard in West Hollywood
SPF:architects is designing the building.
Multifamily Housing | Jun 27, 2018
To take on climate change, go passive
If you haven’t looked seriously at “passive house” design and construction, you should.
Market Data | Jun 19, 2018
America’s housing market still falls short of providing affordable shelter to many
The latest report from the Joint Center for Housing Studies laments the paucity of subsidies to relieve cost burdens of ownership and renting.