Apartment Rents Off to a Fast Start in January, According to Yardi Matrix Market Report

$5 gain for the month reflects strong industry drivers

SANTA BARBARA, Calif.--()--Average U.S. monthly apartment rents rallied in January, rising by $5 for the first overall gain in five months. Rents finished the month at $1,315, according to data compiled in the most recent survey of 124 markets by Yardi® Matrix. All details can be found in the Yardi Matrix Monthly for January.

Most of the nation’s rent gains were concentrated in high-population growth centers in the West and South, with Sacramento, Calif., Seattle, California’s Inland Empire, Phoenix and Nashville, Tenn., leading the way. Fourteen of the 15 metros that beat the national average in the survey of the top 30 markets are in these regions.

The strong start to the year “demonstrates the industry’s ongoing positive fundamental drivers, which aren’t expected to significantly change in 2017,” according to the report.

(Starting with the January survey, Yardi Matrix uses a revised methodology designed to produce more accurate averages on the national and metro levels. The overall rent and growth numbers changed correspondingly.)

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

Average U.S. monthly apartment rents rallied in January, rising by $5 for the first overall gain in five months. Rents finished January at $1,315, according to Yardi Matrix.

Contacts

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