Average rents rose 6.3% in June, hitting a record level of year-over-year growth
SANTA BARBARA, CALIF., June 29, 2015 – The June 2015 edition of Matrix Monthly, a report on U.S. apartment market trends from Yardi®, documents a robust 6.3% year-over-year increase in average rents across the country. Rents rose by 1.3% month-over-month in June, the largest increase since the last recession, and are now at an all-time high of $1,150.
Continued rent escalation in San Francisco, CA., Denver, CO., Jacksonville, FL., and Portland, OR., accounted for much of the average rent increase in June. Demand for higher-end product also contributed to this trend.
Matrix Monthly is a monthly survey of apartment owners in the 100 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.