The average U.S. multifamily rent fell $3 to $1,473 in November, according to the latest National Multifamily Report by Yardi Matrix. Year-over-rent growth fell by 20 basis points, down to 3.1% for the month.
National rent growth has held at 3% or above since spring 2018, demonstrating the strength and consistency of multifamily demand, according to Yardi. More than 320,000 new multifamily units have been absorbed so far in 2019, marking the sixth straight year with at least 250,000 new multifamily units absorbed. Seattle, Denver, and Dallas have had the highest multifamily absorption, followed by Houston, Austin, Texas, and Washington, D.C.
Read more...Yardi: Multifamily Housing Wraps 2019 with 3.1% YOY Rent Growth in November via Multifamily Executive