U.S. Multifamily Sector Remains on the Upswing, According to New Yardi Matrix Report
Job growth and in-migration seen as keys to growth in 2019
SANTA BARBARA, Calif., Jan. 17, 2019 – The multifamily cycle hasn’t run out of steam despite signs of a slowdown in the economy, according to a new market analysis by Yardi® Matrix.
The report projects that “cracks in the economic armor will likely begin to show” this year as the 2017 tax reform’s impact fades and trade uncertainties grow. However, demand in the multifamily industry “is expected to stay healthy as long as job growth remains positive and young adults and retirees choose apartments,” the report states, adding that “2019 should be another good year for the multifamily industry.”
The analysis foresees rent increases ranging from 2.5% to 3%, led by metros in the South and West and fast-growing tertiary markets such as Tacoma, Wash., Colorado Springs, Colo., and Reno, Nev. Rents grew by 3.2% nationwide in 2018.
View the full Yardi Matrix U.S. Multifamily Outlook, titled “Strong Performance in an Aging Cycle,” for additional details and insight into trends affecting the rental sector in 2019.
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