Matrix Monthly: Multifamily rents hold steady in November
Rents dip slightly nationwide, consistent with normal seasonal flattening.
SANTA BARBARA, CALIF., Dec. 4, 2015 – U.S. multifamily rents continued their flat growth pattern of the last two months, dropping by $1 to $1,165 nationwide, according to the most recent edition of Matrix Monthly, a survey of the 111 markets covered by Yardi® Matrix.
Rents had risen for nine straight months before remaining virtually unchanged in November. Mild growth during the winter months is a normal seasonal phenomenon.
Rents increased by 6.4% year-over-year in November, a 30-basis-point decline from October but 190 basis points more than the 4.5% rent growth recorded in November 2014. Rental markets in Portland, Ore., San Francisco, Sacramento, Calif., Seattle, Atlanta and Denver were among the year-over-year leaders last month.
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Media Contact: Joel Nelson
Yardi Systems Inc.