SANTA BARBARA, CA—Although 2016 is a year in which apartment rent growth is widely expected to begin tapering, the first month of this year hasn't borne out that expectation. Yardi Matrix data show thatthe average national rate reached an all-time high over the past month, climbing $5 to $1,170, following a quarter of seasonally flat rent growth.
On an annual basis, January saw rents increase by 6.4%. "Although we expect rent gains to begin to moderate this year, growth is still surpassing the 2.8% long-term average," according to Yardi's latest Matrix Monthly report.
And while annual rent growth continues to be led by "the usual high-flying metros on the West Coast and in the Southeast," including Portland, OR, San Francisco and Atlanta, Yardi says the increases have been "remarkably widespread" geographically over the past 12 months. With year-over-year rent growth of 2.2%, Baltimore is the only metro area in the Matrix Monthly Top 30 with annual growth of less than 3%.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
