SANTA BARBARA, Calif.--(BUSINESS WIRE)--The multifamily market perked up a bit in March. Average U.S. monthly rents increased by $6 to $1,312, according to the most recent survey of 121 markets by Yardi® Matrix.
In March, the recorded growth measured 2.7 percent nationwide. However, it is not an indication of a lasting upward trajectory. The improvement reflects a seasonal trend, as households relocate when weather conditions become more favorable.
Sacramento still leads as the strongest market for year-over-year rent growth, followed by California’s Inland Empire. Los Angeles, Seattle, and San Diego round out the top five in all asset classes.
Overall rent growth is still relatively sluggish, coming in at half of the growth rate recorded at this point last year, which was 5.4 percent. Rents have declined by 10 basis points since last February. Occupancy rates remain unchanged.
“We maintain the forecast of a 3 percent increase in rents for the year. The economic climate may influence market projections,” according to Jeff Adler, Vice President, Yardi Matrix.
View the full March report for additional detail from 124 major real estate markets.
Yardi Matrix is a business development tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily sector. Email firstname.lastname@example.org, call 480-663-1149 or visit www.yardimatrix.com to learn more.
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.