National average in January sets a new all-time high
SANTA BARBARA, CALIF., Jan. 28, 2016 – Multifamily rents started briskly in the new year. The average national rate rose $5 in January to an all-time high of $1,170, according to Matrix Monthly, a compilation of surveys of the 111 markets covered by Yardi® Matrix.
Metros in the West and Southeast led the way, with Portland, Ore., San Francisco, Sacramento, Calif., Seattle and Atlanta comprising the top drivers of year-over-year rent growth in January.
While sounding a cautionary note about the drop in U.S. stock market prices in January and the economic performance of some Asian and European countries, the Matrix Monthly offers an overall optimistic appraisal of rental prospects for 2016: “For the time being, multifamily demand fundamentals and the capital markets are in good shape.”
Yardi Matrix is a business development tool for brokers, sponsors, banks and equity sources that underwrite multifamily investment transactions. To see the full January edition of Matrix Monthly, click here. You may subscribe to Matrix Monthly by clicking here. Email [email protected] or call 480-663-1149 with questions or comments.
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