Asking rents for multifamily properties increased by an average 6.3% year-over-year in June, according to Yardi® Matrix. This is the largest jump recorded by the company.
By the numbers:
– The national average apartment rent increased $23 in June to $1,482.
– Migration is increasing rents in Southwest and Southeast metros like Phoenix (17.0%), Tampa and California’s Inland Empire (both 15.1%), Las Vegas (14.6%), and Atlanta (13.3%).
The largest increases are occurring in the lifestyle apartment sector. And the increases in rent prices indicate that some would-be homebuyers are deciding to forego purchasing in such a competitive environment and staying in their apartments for the time being.
“These are the largest year-over-year and monthly increases in the history of our data set,” said Jeff Adler, vice president of Yardi Matrix. “Rent growth will not be able to continue at these levels indefinitely, but conditions for above-average growth are likely to persist for months.”