Multifamily Market Sustains Positive Cycle, Yardi Matrix Reports

Year-over-year growth tops 3% for 13th month. Will the economy stifle momentum?

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Aug 13, 2019, 08:00 ET

SANTA BARBARA, California, Aug. 13, 2019 /PRNewswire/ -- U.S. multifamily rents continued their impressive performance with a 3.4% year-over-year increase in July 2019, according to a new report from Yardi® Matrix.

Leading gainers included fast-growing Southwest and South metros Las Vegas, Phoenix, Charlotte and Raleigh, N.C., Atlanta and Nashville, Tenn. Rent growth was also strong in areas with concentrations of technology industries such as Boston, Seattle and Portland, Ore.

Even as multifamily fundamentals remain healthy almost everywhere, questions about the overall economy represent "potential for market volatility and slower growth," the report says.

The average U.S. multifamily rent rose $3 in July, reaching $1,469. Sacramento, Calif., and Austin, Texas, joined Las Vegas, Phoenix and Charlotte as the month's year-over-year growth leaders. Annual rent growth has topped 3% on a year-over-year basis for each of the past 13 months.

Read more in the Yardi Matrix multifamily national report for July 2019, which is available for download.

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 [email protected], call +1-480-663-1149 or visit yardimatrix.com to learn more.

About Yardi

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.

SOURCE Yardi Matrix