SANTA BARBARA, CA—Apartment market fundamentals got the year off to a strong start, with average US monthly rents seeing an increase in January after flattening at the end of 2016. Yardi Matrix's latest monthly survey shows that rents rose by an average of $5 to $1,315 per month in January, following four consecutive months of declines.
Year over year, rents were up 4.6% across the 124 markets surveyed by Yardi Matrix. Although that represents a 30-basis point increase in annual gains from December, it's 240 bps below the year-ago level for Y-O-Y increases.
“The surprisingly robust start to the year demonstrates the industry's ongoing positive fundamental drivers,” according to Yardi Matrix report. These aren't expected to change significantly in 2017, “even if rents are likely to decelerate slightly due to the growth in supply” expected for many metro areas, the report states.
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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.
