Boosted by a healthy job market and low unemployment, the U.S. multifamily sector posted steady rent growth in 2019, according to a new report from Yardi Matrix.
Rents grew 3% for the year. “Fundamentally, the market is sound, with no red flags on the immediate horizon,” the report says, despite a seasonal $1 drop in the average U.S. rent in December.
Twenty-one of the top 30 metros tracked by Yardi Matrix recorded rent growth of at least 2.6% in December. That group includes primary markets such as Washington, D.C., and Boston as well as secondary markets like Philadelphia, Charlotte, N.C., Indianapolis and Austin, Texas.
Nashville, Tenn., and Raleigh, N.C., joined Phoenix, Las Vegas and Sacramento, Calif., as the year-over-year rent growth leaders in December. Phoenix and Las Vegas have topped the rankings since October 2018.
Related Stories
| Jan 19, 2020
Pioneer introduces new Lux-Flow showerhead
Pioneer Industries has launched the Pioneer Lux-Flow showerhead.
| Dec 18, 2019
Making contacts that lead to "true partnerships" is key to Student Housing ProCONNECT event for Pfister's Tracey Qualteri
Tracey Qualteri, Pfister Faucets, at Student Housing ProConnect in Denver, November 11 2019
Multifamily Housing | Dec 11, 2019
8 noteworthy multifamily projects to open in late 2019
From a prefab high-rise in Denver to a seaside village in Oxnard, Calif., these projects highlight the innovative multifamily developments to open their doors in late 2019.
Multifamily Housing | Dec 9, 2019
Student Housing ProCONNECT event draws developers, contractors, architects, and building product manufacturers to Denver
2½-day event connects attendees with vendors—and each other.