Rents dip slightly nationwide, consistent with normal seasonal flattening.
SANTA BARBARA, CALIF., Dec. 4, 2015 – U.S. multifamily rents continued their flat growth pattern of the last two months, dropping by $1 to $1,165 nationwide, according to the most recent edition of Matrix Monthly, a survey of the 111 markets covered by Yardi® Matrix.
Rents had risen for nine straight months before remaining virtually unchanged in November. Mild growth during the winter months is a normal seasonal phenomenon.
Rents increased by 6.4% year-over-year in November, a 30-basis-point decline from October but 190 basis points more than the 4.5% rent growth recorded in November 2014. Rental markets in Portland, Ore., San Francisco, Sacramento, Calif., Seattle, Atlanta and Denver were among the year-over-year leaders last month.
Yardi Matrix serves as a business development tool for brokers, sponsors, banks and equity sources that underwrite multifamily investment transactions.
Now in its fourth decade, Yardi® is committed to the design, development and support of software for real estate investment management and property management. With the Yardi Commercial Suite™, the Yardi Multifamily Suite™, Yardi Investment Suite™ and Yardi Orion® Business Intelligence, the Yardi Voyager® platform is a complete real estate management solution. It includes operations, accounting and ancillary processes and services with portfolio-wide business intelligence and platform-wide mobility. Yardi is based in Santa Barbara, Calif., and serves clients worldwide from offices in North America, Asia, Australia, Europe and the Middle East. For more information, visit www.yardi.com.