“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 26, 2013
What you missed last week: Architecture billings up again; record year for hotel renovations; nation's most expensive real estate markets
BD+C's roundup of the top construction market news for the week of August 18 includes the latest architecture billings index from AIA and a BOMA study on the nation's most and least expensive commercial real estate markets.
| Aug 23, 2013
Mack Urban, West Coast real estate and development firm, formed from intercompany collaboration
Urban Partners, LLC, Harbor Urban, LLC, and Mack Real Estate Group, three leading full service real estate firms known for high quality urban infill development, today announced the formation of Mack Urban, LLC, a premier West Coast real estate investment and development company.
| Aug 22, 2013
Energy-efficient glazing technology [AIA Course]
This course discuses the latest technological advances in glazing, which make possible ever more efficient enclosures with ever greater glazed area.
| Aug 22, 2013
6 visionary strategies for local government projects
Civic projects in Boston, Las Vegas, Austin, and suburban Atlanta show that a ‘big vision’ can also be a spur to neighborhood revitalization. Here are six visionary strategies for local government projects.
| Aug 21, 2013
Chicago's Magellan Development Group builds national presence with new luxury apartments
Chicago-based Magellan Development Group, one of the Midwest’s most prolific large-scale, mixed-use developers, is building a national footprint through two mixed-use projects in Minneapolis and Nashville.
| Aug 21, 2013
SummerHill Apartment Communities creates SoCal division, hires SVP, announces development plans
SummerHill Apartment Communities, a division of SummerHill Housing Group based in San Ramon, Calif., announced today that the firm has hired multifamily industry veteran Patrick S. Simons as senior vice president to lead SummerHill Apartment Communities' new Southern California division. Simons will be focused initially on creating a high volume of future projects throughout Southern California.
| Aug 14, 2013
Green Building Report [2013 Giants 300 Report]
Building Design+Construction's rankings of the nation's largest green design and construction firms.
| Jul 25, 2013
First look: Studio Gang's residential/dining commons for University of Chicago
The University of Chicago will build a $148 million residence hall and dining commons designed by Studio Gang Architects, tentatively slated for completion in 2016.
| Jul 19, 2013
Reconstruction Sector Construction Firms [2013 Giants 300 Report]
Structure Tone, DPR, Gilbane top Building Design+Construction's 2013 ranking of the largest reconstruction contractor and construction management firms in the U.S.
| Jul 19, 2013
Reconstruction Sector Engineering Firms [2013 Giants 300 Report]
URS, STV, Wiss Janney Elstner top Building Design+Construction's 2013 ranking of the largest reconstruction engineering and engineering/architecture firms in the U.S.
