SANTA BARBARA, Calif.--(BUSINESS WIRE)--Seasonal factors and an extended deceleration in national rent levels combined to reduce U.S. rents by $4 in October, according to a survey of 121 markets by Yardi Matrix.
The drop to $1,358, coming at the beginning of the last quarter when rent growth slows due to seasonal factors, was no surprise. Moreover, the multifamily sector is still decelerating from cycle highs in 2016. “Nationally, rents are only $5 off their all-time peak set in August and are $30 above their level a year ago,” the report states.
Houston, deluged by Hurricane Harvey in August, saw rents rise 0.8% year-over-year through October, an improvement over -0.2% in September and the first positive month in the metro since July 2016. Harvey put approximately 45,000 apartments and more than 100,000 housing units out of commission.
Year-over-year rent growth leaders in October were Sacramento, Calif.; Las Vegas; Orlando, Fla.; California’s Inland Empire; and the Twin Cities metro in Minnesota.
View the full October Yardi Matrix report for additional detail and insight into 121 major U.S. real estate markets.
Yardi Matrix is a business development and asset management tool for investment professionals, equity investors, lenders, and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, industrial, office and self storage property types. Email matrix@yardi.com, call 480-663-1149 or visit yardimatrix.com to learn more.
About Yardi
Yardi develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.
