Multifamily asking rents defied expectations by ticking up yet another $10 in February to hit a national average of $1,628, according to the latest numbers from Yardi Matrix. Year-over-year growth also posted a 15.4% increase.
Single family rentals also flew past prior records, with rents increasing by nearly 15% year over year through February. The market "continues to surprise," with 90% of the 30 metros Yardi tracks showing double digit rent growth year over year.
Miami leads with a 27% increase in rents year over year through February, and asking rents increased by 20% or more in eight of the top 30 metros Yardi tracks. And yes, rents also ticked up in San Francisco, by 9%.
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