Yardi Matrix Report Documents October Rent Trends

U.S. rent drop reflects normal seasonal factors and ongoing
deceleration. Houston rents rebound in hurricane’s aftermath

SANTA BARBARA, Calif.–(BUSINESS WIRE)–#Matrixreport–Seasonal factors and an extended deceleration in national rent levels
combined to reduce U.S. rents by $4 in October, according to a survey of
121 markets by Yardi Matrix.

The drop to $1,358, coming at the beginning of the last quarter when
rent growth slows due to seasonal factors, was no surprise. Moreover,
the multifamily sector is still decelerating from cycle highs in 2016.
“Nationally, rents are only $5 off their all-time peak set in August and
are $30 above their level a year ago,” the report states.

Houston, deluged by Hurricane Harvey in August, saw rents rise 0.8%
year-over-year through October, an improvement over -0.2% in September
and the first positive month in the metro since July 2016. Harvey put
approximately 45,000 apartments and more than 100,000 housing units out
of commission.

Year-over-year rent growth leaders in October were Sacramento, Calif.;
Las Vegas; Orlando, Fla.; California’s Inland Empire; and the Twin
Cities metro in Minnesota.

View
the full October Yardi Matrix report for additional detail and
insight into 121 major U.S. real estate markets.

Yardi Matrix is a business development and asset management 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.

Contacts

Yardi Systems Inc.
Jeff Adler, 303-908-5242
Jeff.Adler@Yardi.com