The US multifamily sector saw average asking rents rise by $15 in April to hit an all-time high of $1,659, leading analysts at Yardi Matrix to say the asset class is in a "can't stop, won't stop" phase of historic growth.

The firm's latest multifamily data shows that year-over-year rent growth moderated by 50 basis points in April but is still high at 14.3%.  Rent growth was positive in all 30 metros Yardi tracks in the report over the last month, three month, and 12-month periods, with markets in Florida and the Southwest nabbing the top spots year-over-year.  Boston, New York, San Jose, and Philadelphia have been among the top performers as of late.

"Although there are a few weak spots, multifamily demand and rent growth remain incredibly strong throughout the country," state Matrix analysts in the new report. "Of our top 30 metros, rent growth was up at least 8.8 percent over the last year in all but one."