Wichita, Kansas, leads the largest 100 U.S. metros with the fastest monthly rent growth in August. The city turned out a standout performance with its rise of 0.95% during the month, according to Chandan Economics’ multifamily rent growth update.
Urban Honolulu was second to Wichita with monthly multifamily rent growth of 0.84%, followed by Fresno at 0.73%, Augusta, Georgia, at 0.72%, and New York with 0.66%.
Meanwhile, markets that experienced declines during the month include Cape Coral, Florida (-0.69%), New Orleans (-0.29%), Denver (-0.23%), North Port, Florida (-0.23%) and Provo, Utah (-0.23%).
Looking at rent growth year-over-year, Augusta led the country, climbing 7.9% from the previous year. More well-known for its single-family sector, Augusta’s multifamily sector has been gaining momentum recently, said Chandan.
Following Augusta was Springfield, Massachusetts, where rent grew 7.1% annually, and Chicago, with a 6.2% increase from the prior year. Rounding out the top five were Rochester, New York, at 6% and Worcester, Massachusetts, at 5.8%.
Rents rose in 70% of the country’s multifamily markets between July and August, a notable rebound after the percentage fell to a record low of 62.1% in February. The average increase was 0.16% month-over-month, which would extrapolate to annual rent growth of 1.9%. Chandan described this trend as an “unspectacular but comfortably positive pace.”
The analysis relied on seasonally adjusted data from the Zillow Observed Rent Index.
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