“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 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.
Giants 400 | Sep 20, 2017
Bubble? What bubble?: Apartment and condo construction simply can't keep up with demand
Since the current multifamily boom took off in 2010, most activity has focused on large urban areas.
Multifamily Housing | Sep 20, 2017
New housing development rises from a historic textile mill’s ashes
Loft Five50 will add 137 housing units to Lawrence, Mass.
Multifamily Housing | Sep 19, 2017
Top 90 multifamily construction firms
Lendlease, Suffolk Construction, and Clark Group top BD+C’s ranking of the nation’s largest multifamily sector contractor and construction management firms, as reported in the 2017 Giants 300 Report.
Giants 400 | Sep 18, 2017
Top 40 multifamily engineering firms
WSP, AECOM, and Thronton Tomasetti top BD+C’s ranking of the nation’s largest multifamily sector engineering and EA firms, as reported in the 2017 Giants 300 Report.
Multifamily Housing | Sep 15, 2017
Hurricane Harvey damaged fewer apartments in greater Houston than estimated
As of Sept. 14, 166 properties reported damage to 8,956 units, about 1.4% of the total supply of apartments, according to ApartmentData.com.
Giants 400 | Sep 14, 2017
Top 95 multifamily architecture firms
Humphreys & Partners Architects, KTGY, and Perkins Eastman top BD+C’s ranking of the nation’s largest multifamily sector architecture and AE firms, as reported in the 2017 Giants 300 Report.
Multifamily Housing | Sep 5, 2017
Free WiFi, meeting rooms most popular business services amenities in multifamily developments
Complimentary, building-wide WiFi is more or less a given for marketing purposes in the multifamily arena.