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
| Jul 18, 2014
Top Engineering/Architecture Firms [2014 Giants 300 Report]
Jacobs, AECOM, Parsons Brinckerhoff top Building Design+Construction's 2014 ranking of the largest engineering/architecture firms in the United States.
| Jul 18, 2014
Top Engineering Firms [2014 Giants 300 Report]
Fluor, Arup, Day & Zimmermann top Building Design+Construction's 2014 ranking of the largest engineering firms in the United States.
| Jul 18, 2014
Top Architecture Firms [2014 Giants 300 Report]
Gensler, Perkins+Will, NBBJ top Building Design+Construction's 2014 ranking of the largest architecture firms in the United States.
| Jul 18, 2014
2014 Giants 300 Report
Building Design+Construction magazine's annual ranking the nation's largest architecture, engineering, and construction firms in the U.S.
| Jul 17, 2014
A harmful trade-off many U.S. green buildings make
The Urban Green Council addresses a concern that many "green" buildings in the U.S. have: poor insulation.
| Jul 17, 2014
A high-rise with outdoor, vertical community space? It's possible! [slideshow]
Danish design firm C.F. Møller has developed a novel way to increase community space without compromising privacy or indoor space.
| Jul 11, 2014
First look: Jeanne Gang reinterprets San Francisco Bay windows in new skyscraper scheme
Chicago architect Jeanne Gang has designed a 40-story residential building in San Francisco that is inspired by the city's omnipresent bay windows.
| Jul 10, 2014
Unique design of Toronto's townhome The Tree House
Plans for a new Toronto townhome brings cutting-edge design.
| Jul 7, 2014
7 emerging design trends in brick buildings
From wild architectural shapes to unique color blends and pattern arrangements, these projects demonstrate the design possibilities of brick.
| Jul 7, 2014
A climate-controlled city is Dubai's newest colossal project
To add to Dubai's already impressive portfolio of world's tallest tower and world's largest natural flower garden, Dubai Holding has plans to build the world's largest climate-controlled city.
