Multifamily Rent Growth Accelerates
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Portland, OR tops all other markets in Yardi’s survey for year-over-year apartment rent growth.
SANTA BARBARA, CA—The multifamily sector evidently hasn’t gotten the memo that growth in fundamentals is supposed to be on the verge of losing steam. Yardi’s latestMatrix Monthly report says that average rents hit a record high of $1,150/month in June, up 6.3% year over year. The report is based on a monthly survey of apartment owners in the 100 US markets covered by Yardi’s Pierce-Eislen business unit.
“Rent growth, which has been above-trend for the last couple of years, actually has accelerated,” according to the Matrix Monthly report. “The average national rent grew 1.3% month-over-month and is up 2.9% over the past three months,” which compares favorably to 1.1% and 2.3% in 2014, respectively…
