Yardi Matrix recently came out with the April edition of their Multifamily National Report. We look at how rent growth is up, which cities are doing well year-over-year, and other benchmarks reported on in today’s BAM Blog…
To see the Yardi Matrix report in its entirety, click here. Below are some of the highlights for April 2019:
- Rents rose by $5 in April, to an average of $1,436.
- Year-over-year rents are up 3% in April nationwide.
- Year-to-date, rents are up 0.8%
- Growth is highest in California, the Southwest, and Southeast.
- The strong economy has helped keep multifamily absorption steady. New supply is estimated to be growing at $300,000 units per year.
- The national occupancy rate for stable properties is 94.8%.
- Atlanta, Raleigh, Tampa, and Charlotte are four of the top ten cities with highest rent growth.
- Houston ranked last with only a 0.6% year-over-year gain and 92.3% occupancy of the large metro areas.
City Stats & Predictions
- Las Vegas ranked top with 7.3% year-over-year rent growth as of April, and forecast rent growth of 5.4% by year’s end 2019.
- Phoenix also had 7.3% year-over-year rent growth and forecast growth of 5.1%.
- Orlando ranked third with 3% year-over-year growth and forecast growth of 4.3%.
- Nashville had 2.8% year-over-year growth and 4.2% for forecast growth.
- Austin finished the top five with 3.7% year-over-year growth and 4.1% forecast growth.
- Indianapolis came in with 2.8% year-over-year rental growth and 3.2% forecast growth.
City Year-Over-Year Rent Growth in April by Asset Class
- Tucson was tops with 6.4% year-over-year rental growth in April, 7.9% lifestyle, and 5.8% necessity renter.
- Reno was second with 5.2% overall year-over-year growth, 2.7% lifestyle, and 7.1% necessity renter.
- In Tacoma’s rent, they saw the biggest gains in their lifestyle rent, with 5.4% year-over-year growth.
- NC Triad also saw their lifestyle rent enjoying the biggest jump in their growth, with 6.1%.
- Indianapolis was another story, seeing 2.8% year-over-year growth overall, 1.7% growth for lifestyle rent, and 3.2% growth for necessity rent.