SANTA BARBARA, California,
December 6, 2018 /PRNewswire/ --
Despite an expected seasonal decline, the U.S. multifamily
market has enjoyed a solid year in 2018. Rents fell by $2 in November to $1,419, according to a survey of 127 markets by
Yardi® Matrix.
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Multifamily rent growth in 2018 stands at 3.1%, higher than most
estimates coming into the year. Rents have stalled in the fourth
quarter, a typical pattern, declining by $3 from their September peak.
Demand continues to be the main driver of the robust market, as
new household formation helps fill new multifamily supply. "It's a
testament to the economy's strength that most of the metros with
the highest supply pipelines are maintaining occupancy rates and
moderate rent growth," the report says, including Nashville, Tenn.; Austin, Texas; Denver; and Miami.
Year-over-year rent growth leaders for November were
Las Vegas, Phoenix, California's Inland Empire, Atlanta and Orlando,
Fla.
View the full Yardi Matrix Multifamily National Report for
November 2018 for additional detail
and insight into 127 major U.S. real estate 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 matrix@yardi.com , 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