2020 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 March 2020 Monthly Report

Although March was still a relatively successful month for the multifamily industry, showcasing a $6 rent increased from February, equating to a 2.9 percent jump year-over-year, the ongoing affects of the coronavirus presented the utmost of challenges for the market, which are continuing throughout the year, according to a Yardi Matrix report of 127 markets. 

Phoenix once again led the list for market performance with a 7.6 percent rent growth. Following that is Seattle with 6 percent, Inland Empire and Charlotte (4.9 percent), Las Vegas (4.3 percent) and Tampa and Indianapolis (4.1 percent). 

—Posted on April 24, 2020


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 2020 Monthly Report

The novel coronavirus has made a significant impact on the real estate industry. However, despite this ongoing outbreak, rents increased 3.2 percent in February on a year-over-year basis, matching the previous month‘s growth rate, according to a Yardi Matrix survey of 127 markets. 

Phoenix once again led the group in terms of market performance, with a 7.6 percent increase in rent growth. Following that was Seattle with 5.5 percent and the Inland Empire at 5 percent. All primary markets besides Washington, D.C. (3.4 percent), fell below the national average last month. Secondary markets in the West continued to grow, but San Francisco and Los Angeles performed the slowest due to affordability issues and rent control. 

—Posted on March 27, 2020


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 2020 Monthly Report

Once again, the average rent dropped in January by $1, to $1,463. This marks the third month in a row to decline, following December’s drop of $1 as well. Despite this, year-over-year rent growth remained at 3 percent, according to a Yardi Matrix survey of 127 markets.

According to the report, month-over-month declines can be attributed to the fluctuating seasons and might continue into the spring months. Occupancy dropped slightly to 94.8 percent but remained within the 95 percent range. Supply deliveries came in above 300,000 units in 2019, but is expected to decline in 2020 as construction loan originations are at a five-year low. This is also in part due to the increased cost of labor and materials.

—Posted on Feb. 28, 2020