SANTA BARBARA, CA – Average U.S. monthly rents fell in November, marking the third consecutive month of decline. The national average was $1,214, down $2 from October, according to data compiled from 123 markets surveyed by Yardi® Matrix.
The decline is not unexpected in light of seasonality, luxury housing supply outpacing demand in many markets and other factors. The Matrix Monthly report notes that “rent growth normally slows or reverses in the latter part of the year, as fewer people move during the holidays,” offering reassurance that “the multifamily market is in good shape going forward.”
Metros whose rents fell the most in November on a trailing three-month basis were Denver, San Francisco, Baltimore, Boston and Seattle. Metros that posted modest gains were mostly located in warm-weather areas where seasonality is less significant, including California’s Orange County, Richmond, Va., Phoenix, Las Vegas and Miami.
To see the full November report, click here.
Yardi Matrix is a business development tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily sector. Email matrix@yardi.com, call 480-663-1149 or visit www.yardimatrix.com to learn more.
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.