Rents March Up in First Quarter
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The end of the first quarter marked yet another solid run for multifamily, with a $6 and jump in rent in March. The average national rental price for March reached another all-time high of $1,181, and rents rose 0.5 percent month-over-month in February. Overall, rents increased 1.5 percent for the first quarter, according to the newly released Yardi Matrix Monthly report.
Despite this healthy growth, Yardi Matrix reports that rent appreciation is still continuing to taper off. National rents decreased 20 basis points from February 2015 and 70 from January 2015, even though they increased 5.7 percent in March on a year-over-year basis. While 5.7 percent growth is still robust, the numbers show that growth was even greater during the first quarter last year…
Rents March Up in First Quarter
