The apartment rental market has turned in a strong performance this year, with national effective rents up 2.5% since January, according to new data from Dallas-based Axiometrics Inc.
Axiometrics reports that out of the top 88 markets it tracks, 31 have raised rents more than 3% since January, while 27 have raised rents more than 5%. Axiometrics has also found that Class C properties have shown the most momentum since January, with a 2.75% year-to-date increase for effective rents, and 93 basis points - to 91.9% - for occupancy. Class B properties are up 2.72% for effective rent growth, and Class A properties are up 2.49%.
Read more...MortgageOrb: Axiometrics: Multifamily Rents In 2.5% Year-To-Date Increase