Average rents rose 4.3% since April 2014 but trailed February 2015 mark
SANTA BARBARA, CALIF., April 28, 2015 – The April 2015 edition of Matrix Monthly, a report on U.S. apartment market trends from Yardi®, documents a 4.3% year-over-year increase in average rents across the country. The average multifamily rent of $1,105 in April represented a one-month increase of 0.7%. The all-time high of $1,108 was recorded in February 2015.
Strong rent escalation in San Francisco, Denver, Seattle and Portland, Ore., accounted for much of the average rent increase in April. Demand for higher-end product also contributed to this trend.
Matrix Monthly is a monthly survey of apartment owners in the 84 U.S. markets covered by Yardi’s Pierce-Eislen business unit. Brokers, sponsors, banks and equity sources that underwrite multifamily investment transactions use the report as a business development tool.
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.