2019 Rent Growth

A year-over-year comparison of all asset classes across 30 major metros, provided monthly by Yardi Matrix.

Year-over-year, all asset classes

National average includes 127 markets tracked by Matrix, not just the 30 metros listed above.
Source: Yardi Matrix April 2019 Monthly Report

Multifamily rent growth for the month of April continues to be consistent, with rents increasing by $5 to $1,436, according to a Yardi Matrix survey of 127 markets. However, year-over-year growth continues to decline, falling to 3 percent and dropping 30 basis points from March, which previously dropped 20 basis points to 3.2 percent. 

According to the report, absorption proves to be strong, with the national occupancy rate for stable properties at 94.8 percent, dropping only 10 basis points year-over-year.

—Posted on May 20, 2019


Year-over-year, all asset classes

National average includes 127 markets tracked by Matrix, not just the 30 metros listed above.
Source: Yardi Matrix March 2019 Monthly Report

Multifamily rents were up 0.4 percent in the first quarter, showcasing consistent growth, although not as strong as previous years performance, according to a Yardi Matrix survey of 127 markets. Between 2014 to 2016, rents grew at least 0.8 percent in the first quarter. Compared to the previous month, rents increased by $4 in March to $1,430. However, on a year-over-year basis, rents dropped 20 basis points to 3.2 percent. 

According to the report, rent increases are “being dominated by secondary and tertiary markets producing a disproportionate share of economic and population growth,” as well as where rents are affordable enough that they can be raised without creating a burden on tenants. These markets offer increasing job and population growth, which is helping rents to continue to rise.

—Posted on Apr. 19, 2019


Year-over-year, all asset classes

National average includes 127 markets tracked by Matrix, not just the 30 metros listed above.
Source: Yardi Matrix February 2019 Monthly Report

Multifamily rent growth has increased steadily since its lowest level of 2.2 percent in the fall of 2017. In February, rents increased by $2 to $1,426, with year-over-year growth steady at 3.6 percent. Compared to January’s 3.3 percent growth, rents rates gained 30 basis points. 

Rent growth accelerated through the first stage of recovery, according to a Yardi Matrix survey of 127 markets, peaking in 2016 in the mid-5 percent range. The housing supply gap led to heightened demand, while the new supply of both single and multifamily units dropped by more than half following the financial crisis. Rents continued to then drop for more than a year. At that time, rents seemed to remain in the 2 percent range, but actually rebounded. Demand continues to be strong, as the unemployment dipped below 4 percent and wage growth accelerated to more than 3 percent.

—Posted on Mar. 26, 2019


Year-over-year, all asset classes

National average includes 127 markets tracked by Matrix, not just the 30 metros listed above.
Source: Yardi Matrix January 2019 Monthly Report

The multifamily industry continues to perform strongly into 2019. Although rents did not increase from the $1,420 recorded in January, year-over-year growth has risen by 10 basis points to 3.3 percent, according to a Yardi Matrix survey of 127 markets. This matches the highest rent growth since November 2016. 

In terms of market performance, once again Las Vegas led the pack, with a rent growth of 7.9 percent. Following that was Phoenix at 6.5 percent and Atlanta with a rise of 5.9 percent. The West Coast markets continue to show strong performance, with five out of the top 10 markets being located in California—the Inland Empire, San Jose, Sacramento, Los Angeles and San Francisco. Despite California’s continued growth, rents increased by 2 percent or more in all but three of the top 30 metros last month.

—Posted on Feb. 15, 2019