Year-over-year, all asset classes
The multifamily industry continues to perform strongly into 2019. Although rents did not increase from the $1,420 recorded in January, year-over-year growth has risen by 10 basis points to 3.3 percent, according to a Yardi Matrix survey of 127 markets. This matches the highest rent growth since November 2016.
In terms of market performance, once again Las Vegas led the pack, with a rent growth of 7.9 percent. Following that was Phoenix at 6.5 percent and Atlanta with a rise of 5.9 percent. The West Coast markets continue to show strong performance, with five out of the top 10 markets being located in California—the Inland Empire, San Jose, Sacramento, Los Angeles and San Francisco. Despite California’s continued growth, rents increased by 2 percent or more in all but three of the top 30 metros last month.
—Posted on Feb. 15, 2019