May 2021's rent increase of 0.88% compared to April was the largest month-to-month average jump since Yardi Matrix started collecting rent data.
That all-time high comes after April posted the third-highest increase recorded. While the next couple of months should continue to post strong numbers, Yardi expects seasonal pressures to weigh on growth by the end of the year. Still, many metros could see new all-time rent growth highs in 2021.
Ultimately, many of those gains will just be recouping ground lost in 2020. Yardi says that Reno, the Tri-Cities, Macon, Harrisburg and Omaha showed significant upward revisions in May. It expects these cities will be among the top performers for 2021. Among larger cities, Phoenix will see double-digit growth. Suburban Atlanta, Tampa, Las Vegas, Portland, Austin and several others should post rent growth higher than 5% year-over-year.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
