Rents rise again in August as signs stay favorable
SANTA BARBARA, Calif., Sept. 17, 2019 – August 2019 was another good month for the consistently growing U.S. multifamily market, according to a new report from Yardi® Matrix.
The average rent increased $2 that month to $1,472, maintaining a yearlong streak of year-over-year growth exceeding 3%.
The segment’s durability owes to “the combination of strong demographic trends, social changes that create demand for apartments, demand for new housing and the country’s long period of economic growth,” says the Yardi Matrix multifamily national report for August 2019. Even with signs of economic risk looming, “long-term trends remain more favorable for multifamily than for other segments of the economy.”
Las Vegas, Phoenix, Boston, Sacramento, Calif., and Austin, Texas, were the year-over-year rent growth leaders in August. Download the Yardi Matrix multifamily report for more data on rent growth by market and asset class.
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