Yardi Matrix Monthly Real Estate Market Report: U.S. Apartment Rents Flatten in September

Drop follows nine months of growth in nationwide average rent. Multifamily fundamentals remain strong

SANTA BARBARA, Calif.--()--The U.S. apartment rent average fell in September for the first time since November 2015. The $1 drop, to $1,219, came amid 4.7% year-over-year growth nationwide during the month, according to data compiled from 123 markets surveyed by Yardi® Matrix.

Despite the decrease, multifamily fundamentals remain strong. Occupancy has remained unchanged since May, employment is solid and demand for multifamily housing remains high. “Rent growth has significantly outpaced economic expansion and wage growth in the last three years, and the recent deceleration aligns with historical rent growth rates,” according to the report.

Sacramento and the Inland Empire in California, Seattle, Orlando, Fla., and Portland, Ore. led year-over-year rent growth in September. San Diego, Atlanta, Tampa, Fla., Dallas and Las Vegas accounted for the remaining top 10 metros.

To see the full September report, click here.

Yardi Matrix is a business development tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily sector. Email matrix@yardi.com, call 480-663-1149 or visit www.yardimatrix.com to learn more.

About Yardi

Yardi® develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide. For more information, visit www.yardi.com.

Contacts

Yardi Systems Inc.
Jeff Adler, 303-908-5242
Jeff.Adler@yardi.com

Release Summary

Yardi Matrix Monthly Real Estate Market Report: The U.S. apartment rent average fell in September for the first time since November 2015.

Contacts

Yardi Systems Inc.
Jeff Adler, 303-908-5242
Jeff.Adler@yardi.com