SANTA BARBARA, Calif— A rent growth spurt in June 2019 helped the U.S. multifamily market post a solid 2.6% average rent increase for the first half of the year.
Average rents jumped $12 in June to $1,465, a 3.3% year-over-year increase from May. A new report from Yardi® Matrix attributes much of the sector’s strength to steady job creation and a record number of renter households.
“The multifamily market’s extended run of strong performance does not appear to be winding down soon,” the report says, noting that the second quarter (2%) and year-to-date increases both came “close to the best performance seen in this extremely favorable economic cycle.”
Fast-growing markets in the South and West dominate the rent growth rankings. The year-over-year leaders in June were Las Vegas; Phoenix; Sacramento, Calif.; Austin, Texas; and Atlanta.
Download the full multifamily national report for June 2019.
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