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
Architects | Oct 27, 2015
Top 10 tile trends for 2016
Supersized tile and 3D walls are among the trending tile design themes seen at Cersaie, an exhibition of ceramic tile and bathroom furnishings held in Bologna, Italy in October.
Multifamily Housing | Oct 27, 2015
Multifamily building in downtown Montreal is being built from the roof down
The method eliminates the need for scaffolding and cranes.
Modular Building | Oct 22, 2015
My Micro NY will soon be New York's first micro-apartment building
The Manhattan modular building will be completed in December and will contain apartments with low rents, but small space.
Architects | Oct 20, 2015
Four building material innovations from the Chicago Architecture Biennial
From lightweight wooden pallets to the largest lengths of CLT-slabs that can be shipped across North America
Multifamily Housing | Oct 20, 2015
Builder confidence rises on multifamily’s strength
Starts and completions were up solidly in September, but permits are leveling off.
Multifamily Housing | Oct 16, 2015
Textile factory turned multifamily has train tracks running through it
The Counting House Lofts is a 200-year-old building that still has its train tracks, exterior train bay doors, and a watch house tower.
Multifamily Housing | Oct 15, 2015
Montreal apartment is world’s largest residential cross-laminated timber project
Its 434 condo, townhouse, and rental units in three eight-story buildings are made from sustainably harvested wood turned into panels by Canadian company Nordic Wood Structures together with the Cree Nation in Chibougamau.
Sponsored | Multifamily Housing | Oct 15, 2015
Apartment takes progressive turn in architecturally traditional D.C.
The new Lyric 440K Apartments is a 14-story structure housing 234 one- and two-bedroom units in the heart of D.C.'s up-and-coming Mount Vernon Triangle
Multifamily Housing | Oct 12, 2015
Freddie Mac: Multifamily demand should outpace supply through 2016
Vacancy rates and rent growth are “converging” in most markets.
Multifamily Housing | Oct 7, 2015
BIG designs lush, terraced mixed-use building in Sweden
Cascading glass and wooden cubes create a form similar to Northern Ireland’s Giant’s Causeway rock formation.
