Multifamily Asking Rents Notch Another Big Jump

The US multifamily sector saw average asking rents rise by $15 in April to hit an all-time high of $1,659, leading analysts at Yardi Matrix to say the asset class is in a “can’t stop, won’t stop” phase of historic growth.

The firm’s latest multifamily data shows that year-over-year rent growth moderated by 50 basis points in April but is still high at 14.3%.  Rent growth was positive in all 30 metros Yardi tracks in the report over the last month, three month, and 12-month periods, with markets in Florida and the Southwest nabbing the top spots year-over-year.  Boston, New York, San Jose, and Philadelphia have been among the top performers as of late.