According to the latest Yardi Matrix, U.S. multifamily rents remained steady in February, rising $1 to $1,364. Year-over-year, rent growth was 2.7% through February, which down 10 basis points from January. Interestingly, Yardi is forecasting a slowdown and they add that a growth of 2.7% is very close to the long-term average.
“Rents have barely budged over the last eight months. Average U.S. rents hit $1,363 in July, and have remained within a $2 range—between $1,363 and the all-time high of $1,365 set in August 2017—ever since. We expect growth to remain moderate this year, as metros deal with a host of issues that include the growing amount of new supply and demand for units affordable to middle-income Americans.”