SANTA BARBARA, CA - U.S. apartment rents topped their record-setting performance in April with another new record in May. The average national apartment rental rate rose $10 during the month to $1,204, according to Matrix Monthly, a market report compiled by Yardi® Matrix.
To see the full May report, click here.
The top metros for rent growth on a year-over year basis were Seattle; Sacramento, Calif.; Portland, Ore.; Phoenix and Atlanta.
“Consistent job growth and the aging of millennials into their prime renting years remain key drivers of apartment demand,” the report notes, adding, “Growth in the prime renter age cohort is expected to support the formation of an estimated one million households annually for the next few years.”
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