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
Contractors | Sep 19, 2017
Commercial Construction Index finds high optimism in U.S. commercial construction industry
Hurricane recovery efforts expected to heighten concerns about labor scarcities in the south, where two-thirds of contractors already face worker shortages.
Multifamily Housing | Sep 15, 2017
Hurricane Harvey damaged fewer apartments in greater Houston than estimated
As of Sept. 14, 166 properties reported damage to 8,956 units, about 1.4% of the total supply of apartments, according to ApartmentData.com.
Hotel Facilities | Sep 6, 2017
Marriott has the largest construction pipeline of any franchise company in the U.S.
Marriott has the most rooms currently under construction with 482 Projects/67,434 Rooms.
Market Data | Sep 5, 2017
Nonresidential construction declines again, public and private sector down in July
Weakness in spending was widespread.
Market Data | Aug 29, 2017
Hidden opportunities emerge from construction industry challenges
JLL’s latest construction report shows stability ahead with tech and innovation leading the way.
Market Data | Aug 28, 2017
U.S. hotel construction pipeline is up 7% year-over-year
For the economy, the rate of growth may be low but it’s running on all cylinders.
Market Data | Aug 23, 2017
Architecture Billings Index growth moderates
“The July figures show the continuation of healthy trends in the construction sector of our economy,” said AIA Chief Economist, Kermit Baker.
Architects | Aug 21, 2017
AIA: Architectural salaries exceed gains in the broader economy
AIA’s latest compensation report finds average compensation for staff positions up 2.8% from early 2015.
Market Data | Aug 20, 2017
Some suburban office markets are holding their own against corporate exodus to cities
An analysis of mortgage-backed loans suggests that demand remains relatively steady.
Market Data | Aug 17, 2017
Marcum Commercial Construction Index reports second quarter spending increase in commercial and office construction
Spending in all 12 of the remaining nonresidential construction subsectors retreated on both an annualized and monthly basis.
