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 $1,442in 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.