The Year of the Apartment Market ended, well, like the Year of the Apartment Market should have – strong in all aspects.
National annual effective rent growth in December 2014 reached 4.9%, the strongest monthly rate of 2014 (and even 2013 and 2012), according to Axiometrics apartment data. The last time rent growth was this high was the 5.0% of August 2011. The rate has increased for 10 straight months and was higher than the previous month’s level for 11 of 12 months during 2014.
The December 2014 rate was 219 basis points (bps) higher than the 2.7% of December 2013. It was also a 21-bps increase from November’s 4.7%, which is interesting because the end of the year is usually when rents begin to decelerate because of seasonality. We just didn’t see that happen this year.
Read more...2014 Ends at No. 1
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