According to the latest Yardi Matrix the average national apartment rental rate rose $10 in May, reaching another all-time high of $1,204. Rents rose 0.9% on a month-over-month basis and were up 6% from one year ago. Nationwide, the occupancy rate was 96% in April, down 10 basis points from March but flat with the first-quarter average.
“Consistent job growth and the aging of Millennials into their prime renting years remain key drivers of apartment demand. The U.S. economy posted its 74th consecutive month of employment growth, pushing the net gain to date in this expansion to 13.5 million jobs. Meanwhile, growth in the prime renter age cohort is expected to support the formation of an estimated one million households annually for the next few years.”
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