Average multifamily rents rose by $6 to $1,407 on a year-over-year (YOY) basis in March, according to Yardi Matrix.
With the 0.6% YOY and 0.8% quarter-over-quarter jump, multifamily rents had one of the strongest first quarters in a few years, according to Yardi. Additionally, rents posted a 0.4% month-over-month growth in March, rising 20 basis points from February.
Out of 134 markets surveyed, 114 had flat or positive YOY rent growth. Additionally, 19 of the top 30 metros had flat or positive YOY rent growth in March.
Read more...Multifamily Rents Jump in March, Post Strong Quarter via GlobeSt