According to the latest Yardi Matrix, U.S. multifamily rents rose $12 in June to $1,405 – which they report is an all-time high. Year-over-year in June, rents were up 2.9%, a 20-basis-point increase over the previous month. Yardi says the strong performance is a good sign that demand generally is holding up and that robust supply growth is not an impediment to rent growth in most markets.
“The resilient U.S. multifamily market demonstrated its strength and consistency in the first half of 2018. Despite headwinds presented by consistent supply growth and lack of affordability in many major metros, rents continue to grow steadily. Average U.S. rents increased by $29 in the second quarter, up 2.1% for the quarter, 2.6% for the first half and 2.9% year-over-year.”
