Multifamily rent growth remains flat in 'summer slowdown'
Multifamily rents barely budged in August—down just $1 to $1,755. Growth is slowing, with only a few markets above 3% year-over-year, according to Yardi Matrix.
Multifamily rents changed very little in August, according to the recent National Multifamily Report by Yardi Matrix. This is due to "seasonality and rising uncertaintly about consumers' financial health," the report states.
The average advertised rent dropped just $1 to $1,755 last month. Year-over-year (YoY) growth also fell 10 basis points to 0.7 percent.
Growth for multifamily rent is not expected to gain traction throughout the rest of the year. Very few markets have reported more than a 3% YoY growth.
Quinn Purcell is the Managing Editor for Building Design+Construction. He is a graduate of Idaho State University with a Bachelor of Arts in Communication, and an emphasis in Multiplatform Journalism. He specializes in video, photography, copywriting, feature writing, and graphic design.
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