National rental rate reaches its fourth straight all-time high
SANTA BARBARA, Calif., April 29, 2016 – Some observers expected rent growth to moderate in 2016 after two years of above-trend increases. That hasn’t happened yet. The average national apartment rental rate rose $13 in April to $1,194, the fourth consecutive all-time high, according to Matrix Monthly, a market report compiled by Yardi® Matrix.
To see the full April report, click here.
The top five metros for rent growth in April were Sacramento, Calif., Seattle, Portland, Ore., Las Vegas and Boston.
Factors supporting the steady rent growth include traditional spring rent growth, high occupancies in most metros, a growing number of millennials and older Americans renting, and strong jobs growth.
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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, visit www.yardi.com.