Santa Barbara, Calif.—Some observers expected rent growth to moderate in 2016 after two years of above-trend increases. That hasn’t happened yet. The average national apartment rental rate rose $13 in April to $1,194, the fourth consecutive all-time high, according to Matrix Monthly, a market report compiled by Yardi® Matrix.
To see the full April report, click here.
The top five metros for rent growth in April were Sacramento, Calif.; Seattle; Portland, Ore.; Las Vegas; and Boston.
Factors supporting the steady rent growth include traditional spring rent growth, high occupancies in most metros, a growing number of millennials and older Americans renting, and strong jobs growth.
Yardi Matrix is a business development tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily sector. Email [email protected], call 480-663-1149 or visit www.yardimatrix.com to learn more.