Average U.S. multifamily rents rose $1 to $1,350 in July, according to a survey of 121 markets by Yardi Matrix. Rents were up 2.6% during the month on a year-over-year basis.
The multifamily market remains strong despite the modest growth, as rents historically moderate in the second half of the year. Also, “the market is in an extended period of rate-growth deceleration, coming down from unsustainably high increases,” the report states. Furthermore, the market’s stability is broad-based, with only Houston among the top 30 metros in the survey showing negative results year-over-year. Nineteen other top 30 metros had year-over-year increases of at least 2%.
The top year-over-year rent gainers in July were Sacramento, Calif., Seattle, California’s Inland Empire, Los Angeles and Minneapolis-St. Paul.
View the full July report for additional detail from 121 major real estate markets.
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