SANTA BARBARA, Calif.--(BUSINESS WIRE)--Average U.S. multifamily rents rose $1 to $1,350 in July, according to a survey of 121 markets by Yardi® Matrix. Rents were up 2.6% during the month on a year-over-year basis.
The multifamily market remains strong despite the modest growth, as rents historically moderate in the second half of the year. Also, “the market is in an extended period of rate-growth deceleration, coming down from unsustainably high increases,” the report states. Furthermore, the market’s stability is broad-based, with only Houston among the top 30 metros in the survey showing negative results year-over-year. Nineteen other top 30 metros had year-over-year increases of at least 2%.
The top year-over-year rent gainers in July were Sacramento, Calif., Seattle, California’s Inland Empire, Los Angeles and Minneapolis-St. Paul.
View the full July report for additional detail from 121 major real estate markets.
Yardi Matrix is a business development and asset management tool for investment professionals, equity investors, lenders, and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, industrial, office and self-storage property types. Email firstname.lastname@example.org, call 480-663-1149 or visit 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 on how Yardi is Energized for Tomorrow, visit yardi.com.