Year-over-year growth continues as demographic trends favor rental housing
SANTA BARBARA, California, Feb. 7, 2019 /PRNewswire/ -- Multifamily industry observers are optimistic that the sector will continue performing strongly and remain popular as an investment vehicle, according to a new report from Yardi® Matrix.
A January survey of 127 major U.S. real estate markets showed that despite flat rent performance, which is normal for winter, year-over-year rent growth increased by 10 basis points to 3.3%, the sixth consecutive month above 3%. "Such performance gives no indication that multifamily rent growth is on its last legs in the cycle," the report says.
The report also notes that many experts attending the recent National Multifamily Housing Council conference in San Diego predicted strong ongoing demand in all age categories. That's because rental households in the age 20-34 bracket are growing, older renters are staying put, and downsizing and divorce rates among retirees are accelerating.
January's $1,420 average national rent was unchanged from December. The year-over-year rent growth leaders were Las Vegas, Phoenix, Atlanta, California's Inland Empire and San Jose, Calif.
View the full Yardi Matrix multifamily national report for January 2019 for additional detail and insight into 127 major markets.
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.
Yardi® develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.
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