MPF: Look West for Apt. Rent Growth
ByNetwork with the nation’s top CRE dealmakers at RealShare APARTMENTS in Los Angeles on Oct 21-22,RealShare INDUSTRIAL in Atlanta on Nov 3-4, RealShare NEW LEASE WEST in Los Angeles on Nov 11-12 andRealShare HEALTHCARE REAL ESTATE in Scottsdale, AZ on Dec 2-3.
Q3 rent growth “speaks to the apartment sector’s overall health,” says Willett.
CARROLLTON, TX—Annual effective apartment rent growth for new leases reached 5.9% nationwide during the third quarter, the second fastest growth rate on record,MPF Research said Wednesday. However, the national average was skewed upward by rent growth in the West during Q3, which at 8.4% was as much as 233% higher than that of other regions.
Although multifamily rent growth in all four regions is up compared to the year-ago period, the year-over-year increase in terms of percentage points is greatest in the West. Led by Portland, OR with 14.3% annual effective rent growth for new residents, the region is home to 10 of the 15 fastest growing markets in the country. Outside the West, annualized rent growth reached 4.7% in the South during Q3, 4.5% in the Northeast and 3.6% in the Midwest…
