Multifamily market stays hot in first half of 2018

The average rent grew by $12 in June, to an all-time high of $1,405, according to a survey of 127 markets by Yardi Matrix.

July 19, 2018 |
Multifamily market stays hot in first half of 2018

Rents grew by 2.1% in the second quarter of 2018, the highest for any quarter since 2015, according to Yardi Matrix. Photo: Pixabay

   

U.S. multifamily rents ended with a bang heading into the July Fourth holiday, with the average rent rising by $12 in June to an all-time high of $1,405, according to a survey of 127 markets by Yardi Matrix.

Rents grew by 2.1% in the second quarter of 2018, the highest for any quarter since 2015; by 2.6% during the year's first half; and by 2.9% year-over-year as of June. The first-half figure was last topped in 2016.

The year-over-year rent growth leaders in June were Orlando, Fla.; Las Vegas; California’s Inland Empire; Phoenix; and Tampa, Fla.

“The healthy showing might put to rest fears that rent deceleration from the peak 2015/2016 years will turn into a flattening or negative growth,” wrote the report’s authors. “It’s a good sign that demand generally is holding up and that robust supply growth is not an impediment to rent growth in most markets.”

Download a PDF of the report. 

 

Employment, Supply, and Occupancy Trends; Forecast Rent Growth

 

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