According to the latest Yardi Matrix U.S. multifamily rents fell slightly for the second straight month, but they report that rates are stabilizing at moderate growth levels. The average U.S. rent in November $1,358 (down $1). However, year-over-year they increased 2.5%.
The deceleration is largely caused by the wave of supply in those metros that might be worse if not for the construction labor shortage that has delayed projects by an average of four to five months. As a consequence, even though Yardi Matrix tracks about 600,000 units under construction nationally, only about 300,000 units will be delivered in 2017.
Click here to read the full report at yardimatrix.com.
