Rent Growth is Breaking Records Nationwide
According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rents in July increased $25 to $1,539 (up 10.3% year-over-year). Yardi says the recovery in rents is widespread and being fueled by a return to urban cores, job growth and an increased savings rate. In addition, they say many who were living at home or with roommates during the pandemic are now able to afford their own apartments, creating a surge in demand.
“Tech hub metros that have led the nation in rent growth over the last year and a half continued to outperform. Not only are tech hub markets doing well, all top 30 metros had positive YoY rent growth for the first time since the beginning of the pandemic.”
Article by Brad Beckett, Director of Education & Outreach, Real Estate Investing Today, National Real Estate Investors Association (NREIA).