The average U.S. multifamily rent reached an all-time high of $1,409 in July. Rents increased 2.8% year-over-year with the $3 increase from June and have risen 3% year-to-date, according to a survey of 127 markets by Yardi® Matrix.
The July performance arose from strong second-quarter economic growth and healthy demand. "One could say the market is experiencing typical summer growth, a good sign considering the length of the cycle, which has some worried that the party might be nearing its end," the report says. "Economic conditions remain favorable for the multifamily industry, especially in secondary markets that are leading the nation in employment growth."
The year-over-year rent growth leaders remained virtually unchanged from June: Orlando, Fla., Las Vegas, California's Inland Empire and Phoenix. Sacramento, Calif., replaced Tampa, Fla., in the fifth spot. Rents grew year-over-year in each of the country's top 30 metros in July.
View the full Yardi Matrix Multifamily National Report for July 2018 for additional detail and insight into 127 major U.S. real estate markets.
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. Yardi Matrix covers multifamily, industrial, office and self storage property types.
Related Stories
Market Data | Oct 8, 2020
6 must reads for the AEC industry today: October 8, 2020
The first rendering of the National Medal of Honor Museum is unveiled and seven urgent changes needed to fix senior living.
Market Data | Oct 7, 2020
6 must reads for the AEC industry today: October 7, 2020
Water-filled windows' effect on energy and construction begins on PGA of America HQ.
Market Data | Oct 6, 2020
Construction sector adds 26,000 workers in September but nonresidential jobs stall
Many commercial firms experience project cancellations.
Market Data | Oct 6, 2020
6 must reads for the AEC industry today: October 6, 2020
Construction rises 1.4% in August while nonresidential construction spending falls slightly.
Market Data | Oct 5, 2020
Nonresidential construction spending falls slightly in August
Of the 16 nonresidential subcategories, nine were down on a monthly basis.
Market Data | Oct 5, 2020
Construction spending rises 1.4% in August as residential boom outweighs private nonresidential decline and flat public categories
Construction officials caution that demand for non-residential construction will continue to stagnate without new federal coronavirus recovery measures, including infrastructure and liability reform.
Market Data | Oct 5, 2020
7 must reads for the AEC industry today: October 5, 2020
Zaha Hadid unveils 2 Murray Road and the AEC industry is weathering COVID-19 better than most.
Market Data | Oct 2, 2020
AEC industry is weathering COVID-19 better than most
Nearly one-third of firms have had layoffs, more than 90% have experienced project delays.
Market Data | Oct 2, 2020
6 must reads for the AEC industry today: October 2, 2020
BIG imagines how to live on the moon and smart buildings stand on good data.
Market Data | Oct 1, 2020
Two-thirds of metros shed construction jobs from August 2019 to August 2020
Houston-The Woodlands-Sugar Land and Brockton-Bridgewater-Easton, Mass. have worst 12-month losses, while Indianapolis-Carmel-Anderson, Ind. and Niles-Benton Harbor, Mich. top job gainers.
