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
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.
the full October Yardi Matrix report for additional detail and
insight into 121 major U.S. real estate markets.
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Jeff Adler, 303-908-5242