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.
Yardi Matrix offers the industry’s most comprehensive market intelligence 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.