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Apartment costs dipped by $1 to $1,412 in September, according to data recently released by Yardi® Matrix. On an annual basis, apartment costs were 3 percent higher year-over-year.

The areas with the most growth in September were Orlando, Fla.; Las Vegas, Nev.; Phoenix, Ariz.; Tampa, Fla.; and California’s Inland Empire, according to Yardi.

The data presents an overall bright outlook for the multifamily sector. A slight decline in rents is normal at the start of fall, according to Yardi, “when rent growth traditionally begins to hibernate for winter.”

Strong demand countering the steady wave of new supply is another positive sign.

“Long-term demand for rentals is likely to remain high for a variety of demographic and social reasons,” according to Yardi.

Get the full report.

For more information, please visit www.yardi.com.

For the latest real estate news and trends, bookmark RISMedia.com.

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