Apartment rents close year with small drop
Despite a small drop of $4 on average in U.S. monthly apartment rents last month, the sector saw strong overall rent growth through 2016, according to the Yardi Matrix. The firm found that the national monthly rent average in December was $1,210, according to a survey of 123 markets. The survey also found that rents increased 4% year-over-year during that period.
Yardi tracked a drop of $10 in the last four months of 2016, with metros that include Houston, San Francisco, Boston, Austin, Miami, and Denver showing significant flattening, part of this stems from normal seasonal factors. “As we have stressed in recent months, fundamentals remain sound and deceleration is not alarming,” the report stated.
Sacrament, California’s Inland Empire, Portland, Ore., Seattle, and Las Vegas were the leaders in year-over-year rent growth.