U.S. Rents Stay Steady in March, According to Yardi Matrix
Secondary markets drive growth while larger metros also show strength
SANTA BARBARA, Calif., April 10, 2019 – U.S. multifamily rents jumped $4 in March 2019 as market dynamics “continue to be healthy almost everywhere,” according to a new report from Yardi® Matrix.
A survey of 127 major U.S. real estate markets illustrated that rent increases that month were led by secondary and tertiary markets with economic strength, population growth and rents low enough to raise without overly burdening residents. Metros of this type include Reno, Nev., Tucson, Ariz., and Tacoma, Wash., where rents rose at least 5% year-over-year. Rent growth in some large metros, including San Francisco and Los Angeles, also exceeded the 3.2% year-over-year national average while Boston, Chicago and Washington, D.C., approached that mark.
The average rent in March was $1,430. The year-over-year rent growth leaders in Yardi Matrix’s top 30 markets were the same as in February, in reshuffled order: Las Vegas, Phoenix, Atlanta, California’s Inland Empire and Sacramento, Calif.
View the full Yardi Matrix multifamily national report for March 2019 for additional detail and insight into 127 major markets.
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