June was an inflection point for US multifamily rent growth, according to new figures by Yardi-Matrix. Following several months this year of slow rent growth, rents rose robustly in the second quarter by $12 to reach $1,465, the company says. Average rents increased by 2% in the second quarter of 2019, and they are up 2.6% so far this year. Year-over-year growth increased to 3.3%, up by 40 basis points from May.
“Those are not the biggest percentage increases achieved in recent years, but both come close to the best performance seen in this extremely favorable economic cycle,” Yardi-Matrix writes in its report. And while growth tends to slow down in the second half of most years, the multifamily market's extended run of strong performance does not appear to be winding down soon, Yardi-Matrix added.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
