Yardi Matrix Report Documents U.S. Multifamily Rent Growth Slowdown

Average rent still rising but less than in recent years; deliveries impact some markets

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Jun 11, 2019, 13:03 ET

SANTA BARBARA, California, June 11, 2019 /PRNewswire/ -- A new national report from Yardi® Matrix shows that U.S. multifamily rent growth in 2019, while steady, falls short of the levels seen in recent years.

The average rent, which reached $1,442 in May, has grown $14 over the last three months. While that represents a year-to-date increase of 1.2%, last month was one of only two Mays in the last six years in which year-to-date rent growth fell below 2%. Deliveries of new supply are tamping down rent increases in some metros, including Denver, Seattle and Kansas City, Mo.

Although the "bullish outcomes" of that six-year period might not be sustained in 2019, "most markets continue to be in good shape, with only a handful producing rent growth of less than 1.5% year-over-year," says the report, which is based on a survey of 127 major U.S. real estate markets.

Phoenix, Las Vegas, Sacramento, Calif., Atlanta and California's Inland Empire were the year-over-year rent growth leaders in May.

View the full Yardi Matrix multifamily national report for May 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 [email protected], call 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