U.S. multifamily rents in October were $1,166, virtually the same figure as September, according to the newly released edition of Matrix Monthly, a survey of the 111 markets covered by Yardi Matrix. It was the first survey in 2015 that did not document a rise in rents month-over-month.
The October year-over-year increase of 6.7% was 10 basis points lower than September’s post-recession high-water level. The survey found signs of a potential shift in rent patterns. Despite double-digit percentage rent growth year-over-year in Portland, Ore., San Francisco, Seattle and Denver, the rate of increases are showing signs of moderating. Meanwhile, markets such as Atlanta, Orlando, Fla., Phoenix, Dallas and Tampa, Fla., are displaying later-stage strength.
Yardi Matrix serves as a business development tool for brokers, sponsors, banks and equity sources that underwrite multifamily investment transactions. Now in its fourth decade, Yardi is committed to the design, development and support of software for real estate investment management and property management. With the Yardi Commercial Suite, the Yardi Multifamily Suite, Yardi Investment Suite and Yardi Orion Business Intelligence, the Yardi Voyager platform is a complete real estate management solution. It includes operations, accounting and ancillary processes and services with portfolio-wide business intelligence and platform-wide mobility. Yardi is based in Santa Barbara, Calif., and serves clients worldwide from offices in North America, Asia, Australia, Europe and the Middle East.
Download the full October report here for more information. Alternatively, you can subscribe to Matrix Monthly by clicking here. Email m[email protected] or call 480-663-1149 with questions or comments.