Multifamily rent growth has reached unprecedented levels according to Yardi Matrix’s June survey. Asking rents in June increased 6.3 percent over the previous 12 months, to an average of $1,482, the largest year-over-year increase in the history of the dataset. Rents increased nationally by 1.6 percent over the previous month. All of the top 30 markets reported positive month-over-month growth for the third month in a row, and 27 of those also reported positive year-over-year growth. For the first time since 2011, Lifestyle rents (7.2 percent) grew faster than Renter-by-Necessity rents (5.3 percent) on a year over year basis.
Read more...National Multifamily Report – June 2021 via Multi-Housing News Online
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