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Yardi Matrix: July Multifamily Data Shows Positive Signs Despite Modest Rent Growth
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(Image courtesy of Yardi Matrix)
Yardi Matrix, Santa Barbara, Calif., found multifamily advertised rents rose for the sixth straight month in July as demand from economic growth and demographics remained solid. The average rent increased $4 to $1,743, or 0.2% month-over-month, and is up by 0.8% year-over-year.
Single-family rentals continue to put up strong numbers, with advertised rents up $5 to a record $2,171. Year-over-year growth for the sector is at 1%, slightly lower than last month.
Moreover, occupancy rates for single-family rentals was down slightly to 95.3% in June.
While the overall results aren’t particularly strong compared to long-term levels, growth is remaining consistent, and demand remains solid despite economic headwinds.
However, Yardi Matrix also noted that there are going to be high levels of new deliveries for roughly the next year and a half, which could affect the supply-demand balance.
Among other positive signs, data is seeming to show some recovery in Sun Belt markets that had recently put up negative results, Yardi Matrix said. That includes areas such as Austin and Dallas in Texas, Charlotte and Raleigh in North Carolina, Denver, and Phoenix.
Rent growth was highest in New York City (up 5.2% year-over-year), Washington, D.C. (up 4%), Kansas City, Mo. (up 3.4%), Columbus, Ohio and New Jersey (up 2.9% each).
Rents were up 0.2% month-over-month in the Renter-by-Necessity segment and up 0.1% in the Luxury sentiment.