In August, for the eighth consecutive month, the U.S. apartment rent average reached an all-time high. The new average, $1,220, topped July’s average by $3, according to the latest edition of Matrix Monthly. Data is compiled from 119 markets covered by Yardi® Matrix.
Notwithstanding the new record, overall rent growth cooled somewhat, especially in technology-centric areas like San Francisco; Denver; Austin, Texas; and Boston. Other moderating factors included slight declines in job growth and occupancy.
A familiar list of metros led year-over-year rent growth in August: Sacramento, Calif., Seattle, California’s Inland Empire, Atlanta and Los Angeles. Portland, Ore., Dallas, Phoenix, Nashville/Knoxville, Tenn., and Orlando, Fla., rounded out the top 10 metros.
“The number of metros with outsize year-over-year rent gains has declined to a small number compared to the second half of 2015 and early 2016, but 18 of Yardi Matrix’s top 30 metros have seen solid growth of 4 to 7 percent over the past year,” the report states.
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