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Rent Growth Being Driven by Ongoing Surge

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rents in October increased $23 to $1,572 (13.7% year-over-year). Yardi says the growth is driven by an ongoing surge in demand that started in the spring and has yet to subside.

“But 2021 is not a normal year. The combination of pent-up demand, rapid job growth, increase in single-family prices keeping renters in place, long-term shortage of supply, and rapid migration to markets with low-cost housing has created seemingly inexhaustible demand…”

Article by Brad Beckett, Director of Education & Outreach, Real Estate Investing Today, National Real Estate Investors Association (NREIA).

 

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