SANTA BARBARA, CA – The U.S. apartment rent average for the 119 markets covered by Yardi® Matrix rose in July to $1,217, topping the June average by $4, according to the latest edition of Matrix Monthly.
Nationwide trends of strong demand, consistent job growth, rising household formations and declining homeownership were key factors in the average, which is another all-time high. While overall growth remains strong, signs of moderation, driven by seasonal adjustments, new supply and the limits of affordability, displayed in some key metros including San Francisco; Denver; Austin, Texas; and Houston.
The leaders in year-over-year rent growth are Sacramento, Calif.; Seattle; Los Angeles; Portland, Ore.; and California’s Inland Empire.
“July’s numbers show that the big picture about the multifamily market continues to be positive,” according to the report.
To see the full July report, click here.
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About Yardi: Yardi® develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide. For more information, visit www.yardi.com.