Yardi Matrix: No Slowdown in Multifamily Market Momentum

New report highlights favorable economic fundamentals driving strong rent growth

SANTA BARBARA, Calif., July 16, 2019 – A rent growth spurt in June 2019 helped the U.S. multifamily market post a solid 2.6% average rent increase for the first half of the year.

Average rents jumped
$12 in June to $1,465, a 3.3% year-over-year increase from May. A new report
from Yardi® Matrix attributes much of the sector’s strength to steady
job creation and a record number of renter households.

“The multifamily
market’s extended run of strong performance does not appear to be winding down
soon,” the report says, noting that the second quarter (2%) and year-to-date
increases both came “close to the best performance seen in this extremely
favorable economic cycle.”

Fast-growing markets
in the South and West dominate the rent growth rankings. The year-over-year leaders
in June were Las Vegas; Phoenix; Sacramento, Calif.; Austin, Texas; and
Atlanta.

Download the full
multifamily
national report for June 2019.

Yardi Matrix
offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders
and property managers who underwrite and manage investments in commercial real
estate. Yardi Matrix covers multifamily, industrial, office and self storage
property types. Email
[email protected], call 480-663-1149 or visit yardimatrix.com to learn more.

About Yardi

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 on
how Yardi is Energized for Tomorrow, visit yardi.com.