Continuing strong demand drove the average U.S. rent to a new high of $1,476 in October 2019, according to Yardi Matrix.
Seventeen of the 30 major markets tracked by Yardi Matrix experienced year-over-year rent growth of at least 3.3% in October while only two trailed the 2.5% long-term average. The average national multifamily rent has grown by 32% since January 2012.
Phoenix, Las Vegas, Raleigh, N.C., California’s Inland Empire and Sacramento, Calif., were last month’s year-over-year rent growth leaders.
The steady growth trend prompted Oregon, New York and California to enact rent control measures over the past year; several other states are considering them.
The report says “these laws are likely to prove counterproductive over time” by increasing cost burdens on markets’ new renters, limiting development of new stock and imposing disincentives for capital improvements. “The U.S. needs more units built, but rent control moves the needle in the opposite direction.”
Get insight about demand, supply, rent control legislation and other factors from the Yardi Matrix multifamily national report for October 2019 (PDF download).
Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate.
Related Stories
Adaptive Reuse | Nov 1, 2021
CallisonRTKL explores converting decommissioned cruise ships for housing
The rapid increase in cruise ship decommissioning during the last 18 months has created a unique opportunity to innovate and adapt these large ships.
Multifamily Housing | Oct 31, 2021
Developer chooses ductless HVAC system for the Lofts at Empire Yards
Georgia developer chooses ductless systems for their performance, quiet operation, and efficiency 'in a nice, sleek package.'
Multifamily Housing | Oct 31, 2021
Propane tankless water heaters conserve water and energy
Propane tankless water heaters offer efficient, on-demand hot water for multifamily buildings.
Cladding and Facade Systems | Oct 26, 2021
14 projects recognized by DOE for high-performance building envelope design
The inaugural class of DOE’s Better Buildings Building Envelope Campaign includes a medical office building that uses hybrid vacuum-insulated glass and a net-zero concrete-and-timber community center.
Multifamily Housing | Oct 22, 2021
A plan to solve California's housing crisis
A framework for workforce housing, environmental repair and economic balance.
Multifamily Housing | Oct 21, 2021
Chicago’s historic Lathrop public housing complex gets new life as mixed-income community
A revitalized New Deal–era public housing community in Chicago brings the Garden City movement of yesteryear into the 21st century.
Multifamily Housing | Oct 20, 2021
Sacramento’s first luxury high-rise rental residences announced
Southern Land Company is developing the project.
Multifamily Housing | Oct 18, 2021
Construction begins on downtown Fort Worth’s first luxury high-rise rental residences
GDA Architects designed the building.
Multifamily Housing | Oct 14, 2021
27-story Bronx tower will include retail, 200 apartment units
CetraRuddy is designing the project.
Multifamily Housing | Oct 12, 2021
Affordable and sublime: 13 projects that represent the future of affordable housing
These projects prove that it’s possible to develop aesthetically pleasing, high-quality housing for low-income families, the homeless, and veterans.