U.S. Rents Stay Steady in March, According to Yardi Matrix

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.

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 matrix@yardi.com, 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.