Drop follows nine months of growth in nationwide average rent.
Multifamily fundamentals remain strong
SANTA BARBARA, Calif.–(BUSINESS WIRE)–#Multifamily–The U.S. apartment rent average fell in September for the first time
since November 2015. The $1 drop, to $1,219, came amid 4.7%
year-over-year growth nationwide during the month, according to data
compiled from 123 markets surveyed by Yardi® Matrix.
Despite the decrease, multifamily fundamentals remain strong. Occupancy
has remained unchanged since May, employment is solid and demand for
multifamily housing remains high. “Rent growth has significantly
outpaced economic expansion and wage growth in the last three years, and
the recent deceleration aligns with historical rent growth rates,”
according to the report.
Sacramento and the Inland Empire in California, Seattle, Orlando, Fla.,
and Portland, Ore. led year-over-year rent growth in September. San
Diego, Atlanta, Tampa, Fla., Dallas and Las Vegas accounted for the
remaining top 10 metros.
To see the full September report, click
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Jeff Adler, 303-908-5242