SANTA BARBARA, Calif.— A new national report from Yardi® Matrix shows that U.S. multifamily rent growth in 2019, while steady, falls short of the levels seen in recent years.
The average rent, which reached $1,442 in May, has grown $14 over the last three months. While that represents a year-to-date increase of 1.2%, last month was one of only two Mays in the last six years in which year-to-date rent growth fell below 2%. Deliveries of new supply are tamping down rent increases in some metros, including Denver, Seattle and Kansas City, Mo.
Although the “bullish outcomes” of that six-year period might not be sustained in 2019, “most markets continue to be in good shape, with only a handful producing rent growth of less than 1.5% year-over-year,” says the report, which is based on a survey of 127 major U.S. real estate markets.
Phoenix, Las Vegas, Sacramento, Calif., Atlanta and California’s Inland Empire were the year-over-year rent growth leaders in May.
View the full Yardi Matrix multifamily national report for May 2019 for additional detail and insight into 127 major markets.
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.
