Matrix Monthly Reports Rent Growth Acceleration in June
Average rents rose 6.3% in June, hitting a record level of year-over-year growth
SANTA BARBARA, CALIF., June 29, 2015 – The June 2015 edition of Matrix Monthly, a report on U.S. apartment market trends from Yardi®, documents a robust 6.3% year-over-year increase in average rents across the country. Rents rose by 1.3% month-over-month in June, the largest increase since the last recession, and are now at an all-time high of $1,150.
Continued rent escalation in San Francisco, CA., Denver, CO., Jacksonville, FL., and Portland, OR., accounted for much of the average rent increase in June. Demand for higher-end product also contributed to this trend.
Matrix Monthly is a monthly survey of apartment owners in the 100 U.S. markets covered by Yardi’s Pierce-Eislen business unit. 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.