United States multifamily rents continued their impressive performance with a 3.4% year-over-year increase in July 2019, according to a new report from Yardi® Matrix.
Leading gainers included fast-growing Southwest and South metros Las Vegas, Phoenix, Charlotte and Raleigh, N.C., Atlanta and Nashville, Tenn. Rent growth was also strong in areas with concentrations of technology industries such as Boston, Seattle and Portland, Ore.
Even as multifamily fundamentals remain healthy almost everywhere, questions about the overall economy represent “potential for market volatility and slower growth,” the report says.
The average U.S. multifamily rent rose $3 in July, reaching $1,469. Sacramento, Calif., and Austin, Texas, joined Las Vegas, Phoenix and Charlotte as the month’s year-over-year growth leaders. Annual rent growth has topped 3% on a year-over-year basis for each of the past 13 months.
Read more in the Yardi Matrix multifamily national report for July 2019, which is available for 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. Yardi Matrix covers multifamily, industrial, office and self storage property types. Email matrix@yardi.com, call 480-663-1149 or visit yardimatrix.com to learn more.
Related Stories
Market Data | Sep 20, 2021
August construction employment lags pre-pandemic peak in 39 states
The coronavirus delta variant and supply problems hold back recovery.
Market Data | Sep 15, 2021
ABC’s Construction Backlog Indicator plummets in August; Contractor Confidence down
ABC’s Construction Confidence Index readings for sales, profit margins and staffing levels all fell modestly in August.
Market Data | Sep 7, 2021
Construction sheds 3,000 jobs in August
Gains are limited to homebuilding as other contractors struggle to fill both craft and salaried positions.
Market Data | Sep 3, 2021
Construction workforce shortages reach pre-pandemic levels
Coronavirus continues to impact projects and disrupt supply chains.
Multifamily Housing | Sep 1, 2021
Top 10 outdoor amenities at multifamily housing developments for 2021
Fire pits, lounge areas, and covered parking are the most common outdoor amenities at multifamily housing developments, according to new research from Multifamily Design+Construction.
Market Data | Sep 1, 2021
Construction spending posts small increase in July
Coronavirus, soaring costs, and supply disruptions threaten to erase further gains.
Market Data | Sep 1, 2021
Bradley Corp. survey finds office workers taking coronavirus precautions
Due to the rise in new strains of the virus, 70% of office workers have implemented a more rigorous handwashing regimen versus 59% of the general population.
Market Data | Aug 31, 2021
Three out of four metro areas add construction jobs from July 2020 to July 2021
COVID, rising costs, and supply chain woes may stall gains.
Market Data | Aug 24, 2021
July construction employment lags pre-pandemic peak in 36 states
Delta variant of coronavirus threatens to hold down further gains.
Market Data | Aug 17, 2021
Demand for design activity continues to expand
The ABI score for July was 54.6.
