According to the latest Yardi Matrix the average national apartment rental rate rose $4 in July, reaching another all-time high of $1,217. Rents were up 4.6% year to date and were up 5.5% year-over-year. The leaders in year-over-year rent growth are Sacramento, Seattle, Los Angeles; Portland (Oregon) and California’s Inland Empire.
“July’s numbers show that the big picture about the multifamily market continues to be positive. Rent growth of 5.5% is a very solid foundation, and the vast majority of metros across the country are seeing healthy rent growth by historical standards. Although it is beginning to weaken in a handful of metros, demand remains strong nationally, driven by consistent job growth, rising household formations and the ongoing dip in homeownership.”
Click here to download the latest report at YardiMatrix.com.
