SANTA BARBARA, Calif.--(BUSINESS WIRE)--Multifamily rents in the U.S. rose $1 in February to $1,364, a 2.7% year-over-year growth rate, according to a survey of 121 markets by Yardi® Matrix.
The deceleration of rents since summer 2017 follows a long period of above-trend growth and a cycle peak of deliveries. The 2.7% year-over-year national growth rate in February “is not surprising. Nor is it something to be disappointed with, since it is very close to the long-term average,” the report says.
The report suggests that demand for apartments could receive a boost from the new federal tax law, which reduces some of the benefits of homeownership. “So it’s possible that rent growth will soon pick up as it normally does in the spring months.”
Year-over-year rent growth leaders in February were Orlando, Fla., Sacramento, Calif., Las Vegas, California’s Inland Empire and Phoenix.
View the full February Yardi Matrix report for additional detail and insight into 121 major U.S. real estate markets.
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