U.S. multifamily rents in August maintained the year’s torrid pace, adding $2 to July’s record high. The $1,412 nationwide average for the month represented a 3% year-over-year increase and was the seventh consecutive all-time high, according to a survey of 127 markets by Yardi® Matrix.
Multifamily rents have grown steadily throughout 2018, buoyed by the strong economy and continued healthy demand. The 25-basis-point increase in the occupancy rate of stabilized properties since January is “particularly impressive, considering that 2018 is on pace for a third straight year of some 300,000 new units,” the report notes, adding, “The multifamily market … shows no signs of being at the end of its cycle.”
August’s year-over-year rent growth leaders—Orlando, Fla.; Las Vegas; California’s Inland Empire; Phoenix; Tampa, Fla.—have populated most of this year’s monthly rankings. Metros in the South and West occupied the nine top spots in August.
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