Yardi Matrix Shows U.S. Multifamily Market Wrapping Up a Strong Year

Rents slide in seasonal downturn; unit absorption tops 250,000 for 6th straight year

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Dec 10, 2019, 08:00 ET

SANTA BARBARA, California, Dec. 10, 2019 /PRNewswire/ -- Demand for multifamily housing remains high across the U.S., according to a new report from Yardi® Matrix.

Although the winter seasonal slowdown clipped $3 off the average rent in November 2019, rents were up 3.1% year-over-year that month. Rent growth has exceeded 3% since the spring of 2018 because of strong and consistent demand. The report projects that the seasonal rent growth slowdown will extend through early 2020.

More than 320,000 multifamily units have been absorbed this year, short of the cycle peak of 377,000 in 2016 but enough to notch the sixth straight year with at least 250,000 units absorbed. Seattle, Denver and Dallas are the leaders in this category, with Washington, D.C., and Texas metros Houston and Austin also making strong showings.

November's year-over-year rent growth leaders reshuffled the October list, with Phoenix and Las Vegas again holding the top spots. Sacramento, Calif., California's Inland Empire and Raleigh, N.C., rounded out the top five metros.

Get up to speed on the employment, supply and occupancy trends affecting multifamily real estate in the Yardi Matrix national report for November 2019.

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, student housing, 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