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Yardi Matrix Shows U.S. Multifamily Market Wrapping Up a Strong Year

Rents slide in seasonal downturn; unit absorption tops 250,000 for 6th
straight year

SANTA BARBARA, Calif.,
Dec. 10, 2019 – Demand for
multifamily housing remains high across the U.S., according to a new report
from Yardi® Matrix.

Although the
winter seasonal slowdown clipped $3 off the average rent in November 2019,
rents were up 3.1% year-over-year that month. Rent growth has exceeded 3% since
the spring of 2018 because of strong and consistent demand. The report projects
that the seasonal rent growth slowdown will extend through early 2020.

More than 320,000
multifamily units have been absorbed this year, short of the cycle peak of
377,000 in 2016 but enough to notch the sixth straight year with at least
250,000 units absorbed. Seattle, Denver and Dallas are the leaders in this
category, with Washington, D.C., and Texas metros Houston and Austin also
making strong showings.

November’s
year-over-year rent growth leaders reshuffled the October list, with Phoenix
and Las Vegas again holding the top spots. Sacramento, Calif., California’s
Inland Empire and Raleigh, N.C., rounded out the top five metros.

Get up to speed
on the employment, supply and occupancy trends affecting multifamily real
estate in the Yardi Matrix national
report for November 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, student housing,
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.