Since the beginning of the year, the multifamily industry has feared that its exceptional period of rent growth is due for deceleration. However, in yet another banner month, average U.S. rents increased $4 in July, resulting in a monthly record of $1,217. On a year-over-year basis, rents increased 5.5 percent, which is 10 basis points less than in June, 60 less than in April and 120 basis points less than the recent peak last October.
According to Yardi Matrix’s monthly report analyzing 121 markets, “July’s numbers show that the big picture about the multifamily market continues to be positive.”
Read more...Yardi Matrix: Dog Days Take Toll on July’s Rent Growth