“Can’t stop, won’t stop” is starting to feel like an appropriate tagline for the U.S. multifamily sector as it maintains more than a year-long streak of record growth.
According to the latest Yardi Matrix Multifamily Report, the average U.S. asking rent rose $15 in April to an all-time record $1,659. Year-over-year growth moderated by 50 basis points but remains high at 14.3 percent.
“Although there are a few weak spots, multifamily demand and rent growth remain incredibly strong throughout the country,” state Matrix analysts in the new report. “Of our top 30 metros, rent growth was up at least 8.8 percent over the last year in all but one.”
Rent growth was also positive in all 30 metros over the last one-month, three-month and 12-month periods. Markets in Florida and the Southwest maintained the top spots in year-over-year rankings, but more recently Boston, New York, San Jose and Philadelphia have been the top performers.
Additionally, the average single-family asking rent in the U.S. reached an all-time high of $2,018 in last month. Year-over-year growth for single-family homes dropped 110 basis points to 13.2 percent.
How long can the multifamily market’s superb performance continue? Deceleration is anticipated any month now, due to economic contraction, surging inflation, interest rate hikes and ongoing supply-chain issues. Learn more in the latest multifamily report.
Related Stories
| Aug 11, 2010
Trump luxury condos in Jersey City get more luxurious
Only two years after opening, Jersey City-based Trump Plaza Residences is getting a facelift. Interior designer Benjamin Noriega-Ortiz of BNOdesign has been commissioned to create a fresh design for the residential tower's entrance and outdoor pool, cabana, and lawn spaces. Renovations on the 55-story, 443-unit luxury high-rise will be completed in two phases.
| Aug 11, 2010
Apartments offer skyline view of Houston
Perched atop a hill near downtown Houston, the Gables Memorial Hills residential tower will rise to eight stories and cover 2.68 acres. With an average unit size of 965 sf, the brick and cast-stone complex will consist of 70% one-bedroom units and 30% two-bedroom units, some of which overlook downtown.
| Aug 11, 2010
Sustainable features central to independent-living building
Architecture firm Perkins Eastman, together with Saint Johns on the Lake retirement community, plans to open a 21-story, 88-unit independent-living building for seniors by mid 2011. When the $46-million project is complete, it will offer residents a streetside café, art gallery, spa and wellness center, classroom, and community performance space.
| Aug 11, 2010
Historic building to be restored in Kansas City
Construction has begun on the conversion of the historic 17-story Home Savings Association building in Kansas City, Mo. The transformed structure, to be known as Grand Boulevard Lofts, will house 134 apartment units. The $18-million project, designed by architect Rosemann & Associates, follows a revitalization of downtown Kansas City, where there is high demand for affordable housing to ser...
| Aug 11, 2010
Old factory converted from hearth to home
A former briquette factory in Cologne-Frechen, Germany, was converted into a mixed-use building by Astoc Architects & Planners, Cologne, in association with Rheinischen Amt für Denkmalpflege—the Rhenish agency for historic preservation. The roughly 172,200-sf building includes a mix of residential condominiums, lofts, and leased commercial space.
| Aug 11, 2010
And the world's tallest building is…
At more than 2,600 feet high, the Burj Dubai (right) can still lay claim to the title of world's tallest building—although like all other super-tall buildings, its exact height will have to be recalculated now that the Council on Tall Buildings and Urban Habitat (CTBUH) announced a change to its height criteria.
| Aug 11, 2010
Luxury high-rise meets major milestone
A topping off ceremony was held in late October for 400 Fifth Avenue, a 57,000-sf high-rise that includes a 214-room luxury hotel and 190 high-end residential condominiums. Developed by Bizzi & Partners Development and designed by Gwathmey Siegel & Associates Architects, the 60-story tower in midtown Manhattan sits atop a smaller-scale 10-story base, which creates a street façade t...
| Aug 11, 2010
Mixed-use Seattle high-rise earns LEED Gold
Seattle’s 2201 Westlake development became the city’s first mixed-use and high-rise residential project to earn LEED Gold. Located in Seattle’s South Lake Union neighborhood, the newly completed 450,000-sf complex includes 300,000 sf of Class A office space, 135 luxury condominiums (known as Enso), and 25,000 sf of retail space.
| Aug 11, 2010
Triangular tower targets travelers
Chicago-based Goettsch Partners is designing a new mixed-use high-rise for the Chinese city of Dalian, located on the Yellow Sea coast. Developed by Hong Kong-based China Resources Land Limited, the tower will have almost 1.1 million sf, which includes a 377-room Grand Hyatt hotel, 84 apartments, three restaurants, banquet space, and a spa and fitness center.
| Aug 11, 2010
Brooklyn's tallest building reaches 514 feet
With the Brooklyner now topped off, the 514-foot-high apartment tower is Brooklyn's tallest building. Designed by New York-based Gerner Kronick + Valcarcel Architects and developed by The Clarett Group, the soaring 51-story tower is constructed of cast-in-place concrete and clad with window walls and decorative metal panels.
