Phoenix market ranks No. 3 for year-over-year rent growth
Rents are on the rise across the country, and that’s a positive indicator for the industry and the economy at large, reports Yardi Matrix. Multifamily rents increased by 0.6% on a year-over-year basis in March, with the national average rising by $6 to $1,407.
“Nationally, multifamily rents had one of the strongest first quarters in a few years, with rents up 0.8% from the previous quarter. In the first quarter of 2020, the effects of the pandemic were just beginning to set in,” wrote analysts in the March Matrix Multifamily National Report. Out of our 134 markets surveyed, 114 had flat or positive YoY rent growth.
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Leading the way were affordable cities and suburbs in the West, with the Inland Empire (8.3%), Sacramento (7.3%) and Phoenix (6.9%) leading national tallies in year-over-year rent growth.
$50 billion of emergency rental assistance and other support to the housing industry is included in the most recent federal aid package, which may prompt further positive months. “This funding is bound to have a positive effect on occupancy and rent growth throughout 2021,” analysts state.
Find in-depth analysis of national multifamily trends in the new Matrix Multifamily National Report. You can also join a live webinar with insights and in-depth analysis from the Matrix team, led by vice president Jeff Adler, on Thursday, April 15.
Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, industrial, office and self storage property types. Email firstname.lastname@example.org, call 480-663-1149 or visit yardimatrix.com to learn more.