According to the latest Yardi Matrix the average national apartment rental rate rose $13 in April, reaching another all-time high of $1,194. Rents rose 1.1% on a month-over-month basis and were up 2.6% year-to-date.
“…fundamentals continue to be supportive of steady rent growth. Occupancies remain at or near all-time highs in most metros. Nationally, the occupancy rate for stabilized and completed properties was 96.0% as of February, the highest in the current cycle, according to Yardi Matrix’s database. The growing amount of supply – more than 300,000 units will come online in 2016—will increase vacancies in some submarkets, but by and large most metros have not been overbuilt. That’s because demand remains bullish in most metros due to demographic factors that include the growing number of Millennials and the propensity of older Americans to rent.”
Click here to read the full report.
