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 May 2020 Monthly Report

For the month of May, rents increased 0.8 percent on a year-over-year basis. However, according to the latest Yardi Matrix survey of 127 markets, national rent growth continued to decrease, hitting the lowest level on a year-over-year basis since February 2011. 

According to the report, “May has historically been a strong month for rent growth, with 3.5 percent year-over-year growth in May 2019 and 2.9 percent in May 2018.” When it comes to year-over-year performance, gateway markets showed the largest decline: Boston and San Francisco (-1.0 percent), Chicago (-0.9 percent) and Los Angeles (-0.7 percent). On the other hand, there were still a handful of markets that continued to perform well, such as Phoenix (3.5 percent), Inland Empire (2.8 percent) and Indianapolis (2.5 percent).

—Posted on Jun. 22, 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 April 2020 Monthly Report

National rent growth is beginning to show signs of weakness, with April rent growth increasing only 1.6 percent year-over-year. According to a Yardi Matrix report of 127 markets, national rent growth has reached its lowest point since October 2017. Rents have decreased 0.5 percent month-over-month since March, showing how quickly the coronavirus has impacted the multifamily sector.

Lifestyle rents were hit the hardest, with 10 of the top 30 markets showing year-over-year decreases. Surprisingly, Orlando (-0.4 percent) and San Francisco (-0.2 percent) have shown the greatest declines year-over-year. Of the 30 markets in the report, 27 showed negative rent growth month-over-month, decreasing nationally by 50 basis points. 

—Posted on May 26, 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 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