SANTA BARBARA, Calif., Dec. 6, 2018 — Despite an expected seasonal decline, the U.S. multifamily market has enjoyed a solid year in 2018. Rents fell by $2 in November to $1,419, according to a survey of 127 markets by Yardi® Matrix.
Multifamily rent growth in 2018 stands at 3.1%, higher than most estimates coming into the year. Rents have stalled in the fourth quarter, a typical pattern, declining by $3 from their September peak.
Demand continues to be the main driver of the robust market, as new household formation helps fill new multifamily supply. “It’s a testament to the economy’s strength that most of the metros with the highest supply pipelines are maintaining occupancy rates and moderate rent growth,” the report says, including Nashville, Tenn.; Austin, Texas; Denver; and Miami.
Year-over-year rent growth leaders for November were Las Vegas, Phoenix, California’s Inland Empire, Atlanta and Orlando, Fla.
View the full Yardi Matrix Multifamily National Report for November 2018 for additional detail and insight into 127 major U.S. real estate markets.
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