According to the latest Yardi Matrix, the average U.S. rent fell $1 in December to $1,474, with the growth rate falling 10 basis points from November. However, Yardi points out that U.S. multifamily rents finished 2019 up 3.0% with year-over-year growth remaining between 3.0% and 3.3% for the entire year.
“Fundamentally, the market is sound, with no red flags on the immediate horizon. Despite deliveries of roughly 300,000 units for the year, the occupancy rate for stabilized properties was 94.9% as of November, down only 10 basis points over the last year. The healthy job market, averaging 180,000 new jobs per month, and the unemployment rate of 3.5% helped produce steady absorption.”