Matrix Monthly Reports Cooling Apartment Rents in October
- Oct 30, 2015
Santa Barbara, Calif.—U.S. multifamily rents in October were $1,166, virtually the same figure as September, according to the newly released edition of Matrix Monthly, a survey of the 111 markets covered by Yardi® Matrix. It was the first survey in 2015 that did not document a rise in rents month-over-month.
The October year-over-year increase of 6.7 percent was 10 basis points lower than September’s post-recession high-water level. The survey found signs of a potential shift in rent patterns. Despite double-digit percentage rent growth year-over-year in Portland, Ore.; San Francisco; Seattle; and Denver, the rate of increases are showing signs of moderating. Meanwhile, markets such as Atlanta; Orlando, Fla.; Phoenix; Dallas; and Tampa, Fla., are displaying later-stage strength.
Yardi Matrix serves as a business development tool for brokers, sponsors, banks and equity sources that underwrite multifamily investment transactions.