The news has been grim for rental housing landlords and investors lately, a group that has become accustomed to the asset class's high valuations and steady rental growth. Now, though, a few bright trends have emerged that highlight its reputation for sound fundamentals.
Multifamily Renewals
Renewal rent growth is bucking last year's downward trend, according to Yardi Matrix. Growth nationally increased by 30 basis points to 9.3% year-over-year through January. Rents rose slightly in March with the average going up $3 to $1,706. This short-term increase points to many renters able to afford increases, their demand not decreasing as much as was feared and their desire to move to pare monthly costs hampered however by limited options available in many metropolitan areas.
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