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 | Jul 7, 2016
Courtyards make Brooklyn’s Bushwick II residential development its own miniature city
Bushwick II will feature light-filled plaza spaces, a roof for urban living, and more than 800 apartment units.
Market Data | Jul 7, 2016
Airbnb alleged to worsen housing crunch in New York City
Allegedly removing thousands of housing units from market, driving up rents.
Market Data | Jul 6, 2016
A thriving economy and influx of businesses spur construction in downtown Seattle
Development investment is twice what it was five years ago.
Multifamily Housing | Jul 5, 2016
Apartments continue to shrink, rents continue to rise
Latest survey by RENTCafé tracks size changes in 95 metros.
High-rise Construction | Jun 29, 2016
Best Tall Buildings around the world favor unusual shapes and hybrid functions
The Council on Tall Buildings and Urban Habitat selects winners in four regions.
Multifamily Housing | Jun 22, 2016
Can multifamily construction keep up with projected demand?
The Joint Center for Housing Studies’ latest disection of America’s housing market finds moderate- and low-priced rentals in short supply.
Urban Planning | Jun 15, 2016
Swedish ‘Timber Town’ proposal from C.F. Møller provides a unique blend of nature and city
The development acts as a transition area between a traditional urban landscape and parklands.
Multifamily Housing | Jun 14, 2016
San Francisco voters approve tougher affordability requirement on new housing development
Critics charge that the measure may backfire and actually reduce new affordable units.
Building Team Awards | Jun 1, 2016
Multifamily tower and office building revitalize Philadelphia cathedral
The Philadelphia Episcopal Cathedral capitalizes on hot property to help fund much needed upgrades and programs.
Multifamily Housing | May 19, 2016
Architect Jean Nouvel designs flood-resilient Monad Terrace in Miami Beach
A man-made lagoon with lush vegetation at the base of the complex is expected to adapt to climate change and rising sea levels.
