SANTA BARBARA, Calif., Dec. 6, 2018 — Despite an expected seasonal decline, the U.S. multifamily market has enjoyed a solid year in 2018. Rents fell by $2 in November to $1,419, according to a survey of 127 markets by Yardi® Matrix.
Multifamily rent growth in 2018 stands at 3.1%, higher than most estimates coming into the year. Rents have stalled in the fourth quarter, a typical pattern, declining by $3 from their September peak.
Demand continues to be the main driver of the robust market, as new household formation helps fill new multifamily supply. “It’s a testament to the economy’s strength that most of the metros with the highest supply pipelines are maintaining occupancy rates and moderate rent growth,” the report says, including Nashville, Tenn.; Austin, Texas; Denver; and Miami.
Year-over-year rent growth leaders for November were Las Vegas, Phoenix, California’s Inland Empire, Atlanta and Orlando, Fla.
View the full Yardi Matrix Multifamily National Report for November 2018 for additional detail and insight into 127 major U.S. real estate markets.
Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, industrial, office and self storage property types. Email [email protected], call 480-663-1149 or visit yardimatrix.com to learn more.
Yardi® develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.