SANTA BARBARA, Calif.--(BUSINESS WIRE)--Seasonal factors and an extended deceleration in national rent levels combined to reduce U.S. rents by $4 in October, according to a survey of 121 markets by Yardi Matrix.
The drop to $1,358, coming at the beginning of the last quarter when rent growth slows due to seasonal factors, was no surprise. Moreover, the multifamily sector is still decelerating from cycle highs in 2016. “Nationally, rents are only $5 off their all-time peak set in August and are $30 above their level a year ago,” the report states.
Houston, deluged by Hurricane Harvey in August, saw rents rise 0.8% year-over-year through October, an improvement over -0.2% in September and the first positive month in the metro since July 2016. Harvey put approximately 45,000 apartments and more than 100,000 housing units out of commission.
Year-over-year rent growth leaders in October were Sacramento, Calif.; Las Vegas; Orlando, Fla.; California’s Inland Empire; and the Twin Cities metro in Minnesota.
View the full October Yardi Matrix report for additional detail and insight into 121 major U.S. real estate markets.
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