U.S. Multifamily Market Continues Strong Performance, Yardi Matrix Reports
Rent gains in many metros overshadow a slight seasonal decline
SANTA BARBARA, Calif., Nov. 16, 2018 — U.S. rents dropped by $1 to $1,420 in October 2018, the second straight month of decline, according to a survey of 127 markets by Yardi® Matrix. The 3.3% year-over-year rent growth for the month was unchanged from September.
The overall slowdown follows an anticipated seasonal trend. Rent gains have accelerated recently in warm-weather markets such as Las Vegas, Phoenix and Atlanta. “The strength of the national market is demonstrated by the fact that rent growth is less than 2% in only a handful of metros, and the lowest is Houston at 1.6%. No market is even remotely in trouble,” the report says. “The market’s groove will be hard to knock off course as long as employment and wage growth maintain their current path.”
Year-over-year rent growth leaders for October were Las Vegas, Phoenix, Orlando, Fla., and the Inland Empire and San Jose metros in California.
View the full Yardi Matrix Multifamily National Report for October 2018 for additional detail and insight into 127 major U.S. real estate markets.
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