SANTA BARBARA, Calif.--(BUSINESS WIRE)--Average U.S. monthly rents fell in November, marking the third consecutive month of decline. The national average was $1,214, down $2 from October, according to data compiled from 123 markets surveyed by Yardi® Matrix.
The decline is not unexpected in light of seasonality, luxury housing supply outpacing demand in many markets and other factors. The Matrix Monthly report notes that “rent growth normally slows or reverses in the latter part of the year, as fewer people move during the holidays,” offering reassurance that “the multifamily market is in good shape going forward.”
Metros whose rents fell the most in November on a trailing three-month basis were Denver, San Francisco, Baltimore, Boston and Seattle. Metros that posted modest gains were mostly located in warm-weather areas where seasonality is less significant, including California’s Orange County, Richmond, Va., Phoenix, Las Vegas and Miami.
To see the full November report, click here.
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