Matrix Monthly: apartment rents soar to new heights
U.S. rents rose 6.5% year-over-year in July, the highest rate in the current market cycle
SANTA BARBARA, CALIF., July 30, 2015 – U.S. apartment rents rose a robust 6.5% year-over-year in July to a record $1,155, according to the July 2015 edition of Matrix Monthly, a report on U.S. multifamily market trends from Yardi®.
Technology-fueled markets in the Western U.S. continued to spearhead growth, led by Portland, Ore., Denver and San Francisco. Growth is strong across the board in all 30 of the markets featured in the Matrix Monthly, with only five metros experiencing less than a 4% increase year-over-year.
Matrix Monthly is a monthly survey of apartment owners in the 101 U.S. markets covered by the Yardi® Matrix business unit (formerly Pierce-Eislen). Brokers, sponsors, banks and equity sources that underwrite multifamily investment transactions use the report as a business development tool.
Now in its fourth decade, Yardi® is committed to the design, development and support of software for real estate investment management and property management. With the Yardi Commercial Suite™, the Yardi Multifamily Suite™, Yardi Investment Suite™ and Yardi Orion™ Business Intelligence, the Yardi Voyager® platform is a complete real estate management solution. It includes operations, accounting and ancillary processes and services with portfolio-wide business intelligence and platform-wide mobility. Yardi is based in Santa Barbara, Calif., and serves clients worldwide from offices in North America, Asia, Australia, Europe and the Middle East. For more information, visit www.yardi.com.
Media Contact: Joel Nelson
Yardi Systems Inc.