Rent Growth Trending Down
According to the latest Yardi Matrix Multifamily Report, the average U.S. rent in May was $1,460, down $5 from April. In addition, they point out that rents increased 0.8% year-over-year but were down $5 from April and $13 from March. Yardi says this rapid decline will likely continue through the summer.
“…This rapid decline will likely continue through the summer as the nation continues to practice social distancing. As some unemployed slowly return to work in the coming months, the fall could become this year’s rental season.”