According to the latest Yardi Matrix Multifamily Report, the average U.S. rent in July was $1,460 up $2 from June with year-over-year, rent growth remaining at -0.3%. They point out that gateway markets continued their steep year-over-year declines, with San Jose (-5.0%) and San Francisco (-4.1%) leading the way. This is a stark contrast from last July, when rents in San Jose grew by 2.0% and rents in San Francisco grew by 2.8%. However….
“In the short term, month-over-month rents showed signs of improvement in July, with 25 of the top 30 markets performing better in July than June, although MoM rents tend to be more volatile and we could see a reversal of this trend next month.”