Santa Barbara, Calif.—This year’s trend of ever-increasing U.S. multifamily rents continues unabated. Rents increased by $5 in September to mark a new record high of $1,167, according to the latest edition of Matrix Monthly, a survey of the 108 markets covered by Yardi® Matrix.
September’s year-over-year increase of 6.8 percent was 30 basis points higher than the previous two months and the highest growth in the post-recession cycle. Rents have risen every month in 2015.
Metropolitan areas in the West and Pacific Northwest led the way, with rents in Portland, Ore., rising 16.3 percent year-over-year, and Southeast metros show consistent rent growth. While most of the Midwest and Northeast lag, only two metros in the Top 30 covered by the rankings—Richmond, Va., and Washington, D.C.—have growth that falls below the long-term average.
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