According to the latest Yardi Matrix, U.S. multifamily rents rose $3 in July to $1,409 – which they report is yet another all-time high. Year-over-year in July, rents were up 2.8%. Yardi says the multifamily market continues to demonstrate steadiness and that growth continues to be led by secondary markets being driven by strong late-cycle economic performance.
“Economic conditions remain favorable for the multifamily industry, especially in secondary markets that are leading the nation in employment growth. Domestic migratory patterns are also driving demand in key markets in Florida and the Desert Southwest. Households received an income boost via the 2017 tax reform package, which has allowed many to afford higher rents.”