The U.S. apartment rent average for the 119 markets covered by Yardi® Matrix rose in July to $1,217, topping the June average by $4, according to the latest edition of Matrix Monthly.
Nationwide trends of strong demand, consistent job growth, rising household formations and declining homeownership were key factors in the average, which is another all-time high. While overall growth remains strong, signs of moderation, driven by seasonal adjustments, new supply and the limits of affordability, were displayed in some key metros including San Francisco; Denver; Austin, Texas; and Houston.
The leaders in year-over-year rent growth are Sacramento, Calif.; Seattle; Los Angeles; Portland, Ore.; and California’s Inland Empire.
“July’s numbers show that the big picture about the multifamily market continues to be positive,” according to the report.
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