“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 | Oct 30, 2017
First two affordable family apartment communities open in Irvine’s master planned Great Park Neighborhoods community
The buildings offer a total of 166 apartments.
Multifamily Housing | Oct 29, 2017
Multifamily visionaries: The Beach Company’s family ties
Spanning four generations, The Beach Company continues to expand its development footprint across the Southeast.
Greenbuild Report | Oct 19, 2017
Can 'living well' sell?
As the competition for renters and buyers heats up, multifamily developers look to health and wellness for an edge.
Multifamily Housing | Oct 19, 2017
Enlightened conversion: A church becomes condos in D.C.
Once there were 857 churches in the District of Columbia. Now there are 856. One of them became an award-winning condominium complex.
University Buildings | Oct 13, 2017
The University of Oklahoma receives its first residential colleges
The residential communities were designed by KWK Architects and combine living and learning amenities.
Multifamily Housing | Oct 11, 2017
A 267-unit multifamily community is under construction in Summerville, S.C.
Summer Wind will be about half an hour outside of Charleston, S.C., in the rapidly expanding Summerville submarket.
Multifamily Housing | Oct 9, 2017
6 new products for the multifamily construction market
Bamboo wall panels, an adaptable prep sink, and a two-tiered bike parking system are among the product innovations geared for multifamily buildings.
Multifamily Housing | Sep 27, 2017
Pickleball, anyone?
Two-and-a-half million Americans are playing the game with the funny name.
Mixed-Use | Sep 25, 2017
One of L.A.’s most sought-after neighborhoods receives a new mixed-use development
The new development will feature 166 units and 9,000 sf of ground-floor retail.
Mixed-Use | Sep 21, 2017
Entire living rooms become balconies in a new Lower East Side mixed-used development
NanaWall panels add a unique dimension to condos at 60 Orchard Street in New York City.
