Apartment rents, on average, rose by $3 in April to $1,314, according to data compiled from 121 markets recently released in a report by Yardi® Matrix.
“Rents have (in most metros and segments) far exceeded the rate of income growth in recent years, when the number of renters increased rapidly while supply nosedived in the wake of the last recession,” according to the report. “Now rents are peaking and have become difficult to afford for the average resident in many metros, while supply is at cyclical peaks.”
The leading areas for growth in April were Sacramento, Calif., California’s Inland Empire, Los Angeles, Calif., Minneapolis-Saint Paul, Minn., and Seattle, Wash.
View the full Yardi report.
For more information, please visit www.yardi.com.
For the latest real estate news and trends, bookmark RISMedia.com.