SANTA BARBARA, Calif.--(BUSINESS WIRE)--The average national apartment rent was up for the first time since summer 2017 in March, according to data reported by Yardi ® Matrix, recording an increase of $4 to $1,371.
But the uptick does not change the overall picture for the multifamily industry, which has seen slowing growth over the last 9 months. “It is encouraging to see rents growing at a time when the overall trend is toward deceleration. Rents had not moved more than $1 in either direction since last July,” noted the report.
On a year-over-year basis, rents grew 2.5%, but declined 10 basis points from the month prior. Rents have decelerated since peaking at 5.4% year-over-year growth in early 2016.
According to Yardi Matrix data, gains are currently being led by high-performing metros like Orlando, which maintained its lead in the metro rankings for March with a 7% rental growth rate. Las Vegas followed with 5.2%, tailed by California’s Inland Empire at 4.4% and Phoenix at 4.3%. These metros “are experiencing healthy demand due to strong late-stage economies and affordable housing costs,” states the report.
View the full March Yardi Matrix report for additional detail and insight into 121 major U.S. real estate markets.
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