SANTA BARBARA, Calif.--(BUSINESS WIRE)--U.S. apartment rental rates rose by double digits for the third straight month. The national average for the 119 markets covered by Yardi® Matrix was $1,213, an increase of $10, or 0.9%, over May, as reported in the latest edition of Matrix Monthly.
Leading the way in year-over-year rent growth are Sacramento, Calif; Seattle; Portland, Ore.; Los Angeles; and California’s Inland Empire.
To see the full June report, click here.
Britain’s referendum vote to exit the European Union, the month’s biggest economic news, will have little immediate impact on rental growth trends because the U.S. is a relatively small trading partner, according to the report. Less than 4% of U.S. goods end up in the United Kingdom. The report cautions that the separation process has the potential to create uncertainty that could slow hiring and growth and create capital market volatility.
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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.