Matrix Monthly survey also reports factors that may slow rent growth in 2016
SANTA BARBARA, Calif., March 4, 2016 – The average national apartment rental rate rose $7 in February to an all-time high of $1,175. Across the U.S., rents rose an average of 0.6% month-over-month and 5.9% year-over-year. The latest data is from Matrix Monthly, a market report compiled by Yardi® Matrix covering 111 markets. To see the full February report, click here. To learn more about Yardi Matrix, visit www.yardimatrix.com.
“While overall rent growth is robust and fundamentals on the national level are likely to remain healthy this year, cracks are beginning to emerge in some of the top-performing markets that indicate a return to more normal growth,” the report says.
Cities like San Francisco, Denver, and Portland, Ore., are seeing reduced investment in the tech sector, resulting in IPO cancellations and some layoffs. In Houston, declines in energy jobs are having an impact.
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Yardi® develops and supports industry-leading investment and property management software for all types and sizes of residential and commercial real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide. For more information, visit www.yardi.com.