Multifamily rents grew for the ninth straight month and are now up 3 percent year-over-year, reported Zillow, Seattle. The median monthly rent now equals $1,483.
Rents are up year-over-year in 49 of the nation's 50 largest markets with Milwaukee as the only exception, the Zillow Real Estate Market Report said. "Nationally, rent growth has not been this strong since 2016 when pressure in the rental market spurred record numbers of multifamily permits," the report said.
Read more...Apartment Rent Growth Accelerates Despite Slow Deliveries via Mortgage Bankers Association