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Multifamily Rents Hold Steady in November

RentCafe says that the fastest year-over-year growth stems from small and medium-sized cities, while a well-filled delivery pipeline will temper future gains overall.

By Paul Bubny | Updated on November 30, 2017

The nation’s second most expensive apartment market, San Francisco is among the cities where rents have grown year over year at a pace below the national average.

SANTA BARBARA, CA—Apartment rents held steady in November while decreasing slightly from the previous month for all unit sizes, RentCafe reported Wednesday. On a market level, the fastest year-over-year growth is occurring in small and medium-sized cities, while some of the more volatile metro areas are stabilizing.

November’s average monthly rent of $1.358 is just 2.5% higher Y-O-Y, according to Yardi Matrix data cited by RentCafe. Eighty-three percent of the nation’s biggest cities saw annual rent increases, with just 3% of metro areas seeing Y-O-Y rent drops.

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