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
Multifamily Housing | Aug 24, 2017
Storage units, lounges most popular indoor and outdoor amenities in multifamily developments
Tenants and condo owners crave extra space for their stuff. Most developers are happy to oblige.
Mixed-Use | Aug 15, 2017
A golf course community converts into an agrihood with 1,150 homes and a working olive grove
The community will cover 300 acres in Palm Springs, Calif.
Multifamily Housing | Aug 14, 2017
Co-living: The next real estate disruptor or niche market?
From a practicality standpoint, co-living makes complete sense for young, single, and highly mobile working professionals.
Multifamily Housing | Aug 9, 2017
Related Companies unveils plans for One Hudson Yards luxury rental residences
The 33-story tower will be positioned on the High Line with views of the Hudson River and downtown Manhattan.
Multifamily Housing | Aug 9, 2017
Multifamily developers, designers cater to occupants’ need for mobility
Bike storage facilities and “bicycle kitchens” are among the most popular mobility amenities in multifamily developments, according to a new survey by Multifamily Design + Construction magazine.
Mixed-Use | Aug 9, 2017
Mixed-use development will act as a gateway to Orange County’s ‘Little Saigon’
The development will include apartments, ground-floor retail, and a five-story hotel.
Mixed-Use | Aug 8, 2017
Dorte Mandrup’s 74,000-sm masterplan will be highlighted by an IKEA and BIG’s ‘Cacti’
The mixed-use development links a new IKEA store, a hotel, and housing with green space.
High-rise Construction | Aug 1, 2017
Construction on the world’s skinniest tower halts due to ballooning costs
The planned 82-story tower has stalled after completing just 20 stories.
Multifamily Housing | Jul 31, 2017
Chicago’s Ukrainian Village neighborhood adds new co-living space
The new building offers 12 bedrooms across four floors of living space.
Multifamily Housing | Jul 27, 2017
Apartment market index: Business conditions soften, but still solid
Despite some softness at the high end of the apartment market, demand for apartments will continue to be substantial for years to come, according to the National Multifamily Housing Council.