Multifamily rents in the U.S. performed strongly in April, rising $4 to $1,377, according to a survey of 121 markets by Yardi® Matrix. Rents have increased by $10 in the last two months, a year-over-year gain of 2.4% and the market's best performance since last spring.
The gain conforms to the multifamily market's historically strong springtime performance, allaying concerns that surging deliveries from summer 2017 to February 2018 would dampen growth.
"The healthy seasonal gains are a good sign that rent growth will remain resilient despite the headwinds faced by the market, particularly the peaking supply pipeline that has produced deceleration in some metros," the report says.
Year-over-year rent growth leaders in April were Orlando, Fla., Sacramento, Calif., Las Vegas, Tampa, Fla., and Phoenix.
View the full April Yardi Matrix report for additional detail and insight into 121 major U.S. real estate markets.
Related Stories
Mixed-Use | Jul 7, 2017
ZHA’s Mandarin Oriental hotel and residences employs ‘stacked vases’ design approach
The mixed-use tower will rise 185 meters and be located in Melbourne's Central Business District.
Multifamily Housing | Jun 28, 2017
Renters don’t just want nice apartments; they want communities packed with amenities
Based on a survey from the National Apartment Association, the most popular amenities are the ones that bring the community together.
Fire and Life Safety | Jun 22, 2017
After testing, seven tower blocks found to have similar cladding as Grenfell Tower
These blocks will undergo further testing to determine if they are safe.
Multifamily Housing | Jun 20, 2017
Coliving apartments look to fill affordability and availability gaps for urban workers
One provider, Common, emphasizes community in its buildings.
Market Data | Jun 16, 2017
Residential construction was strong, but not enough, in 2016
The Joint Center for Housing Studies’ latest report expects minorities and millennials to account for the lion’s share of household formations through 2035.
Multifamily Housing | Jun 7, 2017
Jersey Strong: Local suppliers step in to help renovate a homeless shelter in the Garden State
American Standard and Philips Lighting donate products and manpower.
Resiliency | Jun 7, 2017
New disaster-resilient infrastructure building and upgrades hope to keep Haven Plaza up and running
The affordable housing complex was hit hard during Hurricane Sandy, leaving residents without electricity or water.
Multifamily Housing | Jun 7, 2017
Multifamily visionary: The life and work of architect David Baker
For 35 years, architect David Baker has been a spirited voice for affordable housing, in San Francisco and beyond.
Wood | Jun 6, 2017
Shigeru Ban-designed residential structure poised to become world’s tallest hybrid timber building
The wood, concrete, and glass building will rise approximately 233 feet when finished.