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
Multifamily Housing | Jun 20, 2017
Coliving apartments look to fill affordability and availability gaps for urban workers
One provider, Common, emphasizes community in its buildings.
Market Data | Jun 16, 2017
Residential construction was strong, but not enough, in 2016
The Joint Center for Housing Studies’ latest report expects minorities and millennials to account for the lion’s share of household formations through 2035.
Multifamily Housing | Jun 7, 2017
Jersey Strong: Local suppliers step in to help renovate a homeless shelter in the Garden State
American Standard and Philips Lighting donate products and manpower.
Resiliency | Jun 7, 2017
New disaster-resilient infrastructure building and upgrades hope to keep Haven Plaza up and running
The affordable housing complex was hit hard during Hurricane Sandy, leaving residents without electricity or water.
Multifamily Housing | Jun 7, 2017
Multifamily visionary: The life and work of architect David Baker
For 35 years, architect David Baker has been a spirited voice for affordable housing, in San Francisco and beyond.
Wood | Jun 6, 2017
Shigeru Ban-designed residential structure poised to become world’s tallest hybrid timber building
The wood, concrete, and glass building will rise approximately 233 feet when finished.
Multifamily Housing | May 25, 2017
Luxury residential tower is newest planned addition to The Star in Frisco
The building will be within walking distance to the Dallas Cowboys World Headquarters.
Multifamily Housing | May 22, 2017
Zaha Hadid Architects residential development takes a page from a classic Bradbury tale
The buildings are on an elevated platform and the surrounding walkways are suspended so as not to disturb the surrounding ecosystems.
Multifamily Housing | May 19, 2017
Above + Beyond: condo tower built atop parking structure
How designers figured out a way to nestle an 18-story condo tower on top of an existing parking structure in Hawaii.